Nuveen Green Capital and Lone Star PACE Facilitate $8 Million C-PACE Transaction for Retail Development near Houston's Energy Corridor

The $8 million C-PACE financing will fund energy and water efficiency upgrades for the new 83,000-square-foot Ashford Yard retail development.

Apr. 18, 2026 at 8:03am

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A photorealistic studio still-life photograph featuring a collection of premium, polished materials and geometric shapes in a monochromatic color palette, conceptually representing the abstract concepts of corporate strategy, finance, and sustainable real estate development.Sustainable financing solutions enable the development of energy-efficient commercial properties that meet growing market demands.Houston Today

Nuveen Green Capital, a leader in sustainable commercial real estate financing solutions, and Lone Star PACE, the leading administrator of Commercial Property Assessed Clean Energy (C-PACE) financing in Texas, announced the closing of an $8 million C-PACE transaction for Ashford Yard, a new 83,000-square-foot multitenant retail development coming soon to Houston's Energy Corridor area.

Why it matters

The Ashford Yard project is leveraging C-PACE financing to fund a comprehensive suite of energy and water efficiency improvements, which are expected to reduce the property's annual energy usage by 17% and water consumption by 76%, significantly lowering operating costs while enhancing long-term asset performance. This aligns with the growing demand for more efficient, resilient commercial properties.

The details

The project, located at 12550 Briar Forest Drive, will feature 62,301 square feet of general retail space alongside a 21,000-square-foot anchor space pre-leased to Ashford Beer Garden. The sponsor is using the C-PACE financing to fund upgrades such as high-efficiency building envelope and windows, upgraded HVAC systems, enhanced lighting fixtures, and domestic hot water systems with low-flow plumbing fixtures.

  • The $8 million C-PACE transaction was closed on April 17, 2026.
  • Ashford Yard is a new retail development coming soon to Houston's Energy Corridor area.

The players

Nuveen Green Capital

A leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1 trillion+ asset manager and wholly owned subsidiary of TIAA.

Lone Star PACE

The leading administrator of Commercial Property Assessed Clean Energy (C-PACE) financing in Texas, working with local governments, property owners, and capital providers to facilitate financing for energy and water efficiency improvements.

Ashford Yard

A new 83,000-square-foot multitenant retail development coming soon to Houston's Energy Corridor area, featuring 62,301 square feet of general retail space and a 21,000-square-foot anchor space pre-leased to Ashford Beer Garden.

Chris Ellis

Senior Director of Originations at Nuveen Green Capital.

Lee McCormick

President of Lone Star PACE.

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What they’re saying

“It was a pleasure to partner with Lone Star PACE to help capitalize the exciting new Ashford Yard project in Houston. By incorporating C-PACE financing into their capital stack, the Sponsor was able to fund this significant retail development more cost-effectively while reducing recourse and eliminating the need for additional equity.”

— Chris Ellis, Senior Director of Originations

“Ashford Yard is a strong example of how developers are leveraging C-PACE to deliver high-quality retail environments while meaningfully reducing operating costs. By incorporating energy- and water-efficient systems from the outset, the sponsor is not only enhancing the long-term value of the asset but also aligning with the growing demand for more efficient, resilient commercial properties. We appreciate the support of Nuveen Green Capital and the Sponsor in making this endeavor a success.”

— Lee McCormick, President

What’s next

The Ashford Yard development is expected to be completed and open to the public in the third quarter of 2027.

The takeaway

This C-PACE transaction for the Ashford Yard project demonstrates how developers are leveraging innovative financing solutions like C-PACE to deliver more sustainable and energy-efficient commercial properties that align with the growing market demand for greener, lower-cost buildings.