HORSESHOE BAY, Texas — Nuveen Green Capital has provided $38.6 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the development of a new seniors housing community in Horseshoe Bay, roughly 50 miles northwest of Austin. Falcon Senior Housing is the borrower.
Dubbed The Statesman at Horseshoe Bay, the community will total 313,714 square feet upon completion. The property will feature 180 independent living, assisted living and memory care units.
Financing for the project also includes EB-5 immigration investment funds.
“Nuveen Green Capital and Texas PACE Authority allowed us to go further on sustainability by financing improvements that reduce energy and water use, while preserving equity and strengthening the overall capital stack,” says John Hyjer, CEO of Falcon. “C-PACE is a tool that helped us deliver a better project on multiple levels, ultimately improving both project feasibility and long-term asset performance.”