Nuveen Real Estate Raises $650 Million for Final Close of U.S. Strategic Debt Fund

NEW YORK, Dec. 2, 2025 /PRNewswire/ -- Nuveen Real Estate, a leading global real estate investment manager with $139 billion in assets under management, today announced the successful final close of its U.S. Strategic Debt Fund (the "Fund") at $650 million in total equity commitments, exceeding its initial target size of $500 million.

The closed-end, value-add debt fund represents Nuveen's first closed-end fund offering in the commercial real estate credit space and focuses on transitional commercial real estate debt opportunities across the United States. The Fund benefits from significant alignment through TIAA's General Account commitment of $150 million along with a diverse institutional investor base including foreign and domestic insurance companies and pension funds.

"We are pleased with the strong investor response to our U.S. Strategic Debt Fund, which reflects the confidence institutional investors have in our debt platform and the compelling opportunity we see in today's commercial real estate lending market," said Jason Hernandez, Head of Real Estate Debt, Americas at Nuveen Real Estate. "The successful close positions us well to capitalize on what we believe are attractive opportunities in an environment where traditional lenders have pulled back."

The Fund employs a financing strategy that originates senior, floating-rate loans secured by transitional real estate properties requiring physical, operational, or financial restructuring. The strategy benefits from Nuveen Real Estate's established debt platform, which manages $44 billion in commercial real estate debt globally and originates approximately $4.7 billion annually based on a five-year average.

Since its first close in April 2024, the Fund has deployed capital across 19 investments totaling $1.3 billion in gross loan commitments. The current portfolio is diversified across multifamily (60%) and industrial (40%) properties in 16 markets nationwide, with material exposure to high-growth markets including Dallas-Fort Worth (18% of gross asset value), Atlanta (10%), and Orlando (9%).

Nuveen Real Estate's debt platform has been active in commercial real estate lending since 1934, with 55 dedicated debt professionals* globally. The platform has originated more than $50 billion and maintains relationships with top-tier operators and institutional sponsors across major U.S. markets.

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About Nuveen Real Estate
Nuveen Real Estate is one of the largest investment managers in the world with $139 billion of assets under management as of September 30, 2025. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to a broad range of real estate investing opportunities. With over 90 years of real estate investing experience and more than 755 employees* located across 30+ cities throughout the United States, Europe and Asia Pacific, the platform offers global reach with deep sector expertise, providing investors access to high quality investments across the private real estate investment landscape. For further information, please visit us at www.nuveen.com/realestate.

*Includes 353 real estate investment professionals, supported by a further 404 Nuveen employees. Source: Nuveen, 30 September 2025.

Private Funds are only available to accredited investors and not the general public.

Important information on risk

Past performance is no guarantee of future results. All investments carry a certain degree of risk, including the possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. There is no guarantee that investment objectives will be achieved.

Investors should be aware that alternative investments are speculative, subject to substantial risks including the risks associated with limited liquidity, the potential use of leverage, potential short sales, currency exchange rates, and concentrated investments and may involve complex tax structures and investment strategies. Alternative investments may be illiquid, there may be no liquid secondary market or ready purchasers for such securities, they may not be required to provide periodic pricing or valuation information to investors, there may be delays in distributing tax information to investors, they are not subject to the same regulatory requirements as other types of pooled investment vehicles, and they may be subject to high fees and expenses, which will reduce profits.

Floating Rate Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Rates on floating rate loans typically adjust with changes in prevailing short-term interest rates; therefore, when short-term rates rise, loan rates will rise and when short-term rates decline, loan rates will decline.

As an asset class, real estate-related assets are less developed, more illiquid, and less transparent compared to traditional asset classes. Real estate investments are subject to various risks, including but not limited to, fluctuations in property values, higher expenses or lower income than expected, changes in economic conditions, currency values, environmental problems and liability, the cost of and ability to obtain insurance, and risks related to leasing of properties.

SOURCE Nuveen