Nuveen’s US green capital division has provided $190m (€170m) in financing for energy-efficient upgrades to the Virgin Hotels Las Vegas.
Nuveen Green Capital (NGC) said it has closed on the commercial property assessed clean energy (C-PACE) financing for 29-acre resort and casino in Paradise, Nevada.
Virgin Hotels Las Vegas is owned by JC Hospitality, the owner of HRHH Propco.
Cory Jubran, senior director of originations at Nuveen Green Capital, said: “We could not be prouder to have partnered with HRHH Propco to recapitalise 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.
“As the C-PACE industry continues to scale exponentially, both in how often it is being utilised, as well as in deal size, this underscores how impactful and cost-efficient it can be to finance projects pre-, mid-, or post-construction.”
Cliff Atkinson, president of Virgin Hotels Las Vegas, said: ”This was an important part of our go-forward strategy. 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.”
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