Nuveen Green Capital Closes First-Ever C-PACE Financed Transaction in North Carolina

$6.5 million in C-PACE to recapitalize conversion of historic Trenton Mill to new multifamily development in Gastonia, NC

DARIEN, Conn., June 26, 2025 /PRNewswire/ -- Nuveen Green Capital (NGC), a leader in sustainable commercial real estate financing solutions, announced today that it has closed on $6.5 million in C-PACE capital for Trenton Mill Lofts, a new multifamily development in Gastonia, NC, approximately 20 miles west of Charlotte. The closing marks the first-ever C-PACE financed transaction in the state of North Carolina.

C-PACE, known as "Commercial Property Assessed Capital Expenditure" in North Carolina, provides flexible financing solutions for new, ongoing, or recently completed commercial real estate projects. Now available in 40 states and Washington D.C., C-PACE has surged in popularity within the commercial real estate market as an attractive financing mechanism.

Trenton Mill Lofts is an 85-unit apartment complex, developed by Lansing Melbourne Group (LMG), located in downtown Gastonia, NC. Owned by the city until it was acquired by the Sponsor in 2020, the building was previously Trenton Cotton Mill, Gastonia's oldest standing textile mill, which was built in 1897 and had since stood abandoned. In 2022, the Sponsor reimagined and converted it to an upscale multifamily property, which boasts design-forward apartments and loft-style homes, as well as a fitness studio, lounge, hammock park and firepit area.

$6.5 million in C-PACE financing was utilized to recapitalize key energy efficiency improvements, as well as associated soft costs, which were made to the historic mill as part of the 2022 adaptive reuse project.

By utilizing C-PACE, the Sponsor was able to partially pay down their original construction loan and support the stabilization of the property. This has enabled them to cover necessary reserves, enforce lease-up efforts, and fund operational enhancements, thereby positioning the property for long-term success, while providing the city of Gastonia with needed housing.

Trenton Mill Lofts is located in the heart of Gastonia's Franklin Urban Sports & Entertainment (FUSE) district, a 16-acre area which is part of an economic development and revitalization project designed to attract investment and new development to Gastonia — considered to be a satellite city of Charlotte.

"We are proud that Trenton Mill Lofts is not only providing Gastonia with a reimagined property in the heart of the FUSE district, but it is also representative of the forward momentum for C-PACE – a flexible financing mechanism that is enabling firms like ours to fund our projects cost-effectively, while realizing our mission to make a positive impact on urban communities. We were impressed with the NGC team's deep expertise and look forward to financing many future projects with them across the East Coast, Midwest – and now the Southeast," said Peter Flotz, CEO and Founder, LMG.

"It was an honor to partner with Lansing Melbourne Group on the first-ever C-PACE financed transaction in North Carolina," said Ryan Doyle, Senior Director of Originations – Southeast, Nuveen Green Capital. "This landmark transaction underscores C-PACE's continued adoption across the U.S. as an increasing number of property owners and developers are utilizing C-PACE to capitalize their projects — enabling them to realize meaningful savings. The Sponsor's use of C-PACE to recapitalize this project post-completion also demonstrates C-PACE's flexibility to finance projects throughout all stages of construction."

Avison Young Principal, Hal Kempson, who provided underwriting and advisory services on behalf of LMG, shared, "Amidst today's challenging capital markets environment, leveraging unique and innovative financing methods like C-PACE is critical for success. LMG's strong track record of revitalizing communities, coupled with this development's projected benefits for the FUSE District and the City of Gastonia overall, made it a strong candidate for this financing option."

Michael Peoples, City Manager added, "C-PACE Funding pairs well alongside other development partnership incentives the city can statutorily offer to help revitalize these target areas that feature strong public and private investment like in the FUSE District here in Gastonia."

Nuveen Green Capital's policy team played a pivotal role in paving the way for C-PACE in North Carolina, working collaboratively with local stakeholders for years to pass legislation. As a result of these efforts, North Carolina commercial property owners and developers can access accretive capital to finance projects across the Tar Heel State, benefitting the industry and the state's economy.

About Nuveen Green Capital
With over $3 billion originated, Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1 trillion+1¹ asset manager and wholly owned subsidiary of TIAA. The company, which was founded by C-PACE industry pioneers who helped design the nation's first successful statewide C-PACE program², has grown to offer a market-leading suite of accretive CRE financing products and a full-service lending platform with all underwriting, legal, and asset management functions executed in-house.

SOURCE Nuveen Green Capital