NGC closes on $190m in C-PACE financing for Virgin Hotels Las Vegas

Nuveen Green Capital (NGC) announced it has closed on the financing of $190m in Commercial Property Assessed Clean Energy (C-PACE) capital for the Virgin Hotels Las Vegas. The project marks the first C-PACE financed deal in Clark County, as well as the largest in Nevada, and second largest C-PACE financed deal in the country to date.

“We could not be prouder to have partnered with HRHH PropCo, LLC to recapitalize the impressive Virgin Hotel Las Vegas, the largest C-PACE transaction in Nevada, and the second largest-ever C-PACE financed deal in the country,” NGC Senior Director of Originations Cory Jubran said. 

“As the C-PACE industry continues to scale exponentially, both in how often it is being utilized, as well as in deal size, this underscores how impactful and cost-efficient it can be to finance projects pre-, mid- or post-construction.”

C-PACE provides flexible financing solutions for new, ongoing or recently completed commercial real estate projects and is currently available in 40 states as well as Washington DC.

“This was an important part of our go-forward strategy,” Virgin Hotels Las Vegas President Cliff Atkinson said. 

“C-PACE decreased our cost of capital, which will provide tremendous value to all stakeholders, and the Nuveen Green Capital team was a pleasure to work with.”

The financing was used to recapitalize recently completed improvements to the property, including HVAC upgrades, LED lighting upgrades, window replacements, water-saving plumbing upgrades, building control system, pool and spa improvements and desert landscaping.

The NGC stated it has closed on a cumulative total of $440m in C-PACE financing for projects across the west coast over the past 12 months.

Kirk Geller

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