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Nuveen Green Capital backs $281M C-PACE loan for Boston’s Winthrop Center
The $281 million fixed-rate C-PACE debt closes alongside a $575 million CMBS loan, bringing the total deal package to $856 million.
Millennium Partners has secured a $281 million commercial property assessed clean energy, or C-PACE, loan for energy efficiency upgrades at the 62-story Winthrop Center in downtown Boston, Commercial Observer reports. Nuveen Green Capital originated the fixed-rate financing under the Property Assessed Clean Energy program in Massachusetts.
According to the lender, the transaction is the largest C-PACE financing to date in New England for the program. Commercial Observer also notes that strong lender competition helped reflect demand for the building, a roughly 800,000 square-foot mixed-use development completed in 2023.
The C-PACE financing closed concurrently with a $575 million commercial mortgage-backed securities, or CMBS, loan led by Morgan Stanley for the office and retail portion of the tower, according to a Moody’s presale report cited by the outlet. Combined, the debt package totals $856 million and takes out a prior construction loan from Cale Street.
Commercial Observer adds that CoStar previously reported the MP Trust 2026-WTRP single-asset, single-borrower deal for the property. The financing also comes after a June 2026 update to the PACE Massachusetts program by MassDevelopment, in partnership with the Massachusetts Department of Energy Resources, which adjusted financing levels for new construction based on compliance with local building codes.