Nuveen Green Capital has closed $63.97 million in Commercial Property Assessed Clean Energy financing support for the acquisition and renovation of the Westin Peachtree Plaza.
The loan for the 73-story, 1,073-room hotel in downtown Atlanta was administered through Invest Atlanta. Portman—which owns the hotel—will use the proceeds to fund a 36-month, two-phase renovation of the property.
The financing provides long-term, fixed-rate, non-recourse C-PACE capital supporting both acquisition and renovation costs. The transaction is described as the largest C-PACE financing in Georgia’s history, reflecting continued adoption of the structure in large-scale commercial real estate projects.
"We are extremely proud to have partnered with Portman, alongside BMO Bank N.A., to fund this landmark hotel property—the Westin Peachtree Plaza,” Ryan Doyle, senior director of originations at Nuveen Green Capital, said in a statement. The deal team at Darien, Conn.-based Nuveen Capital included Katie Canavan and Brian Krawlec.
“We are proud to partner with Nuveen Green Capital on the capitalization and renovation of one of Atlanta’s most iconic hotels,” added Kaunteya Chitnis, managing director of hospitality at Atlanta-based Portman.