Carlyle Partners with North Bridge to Provide Up to $1 Billion for Commercial Property Financing
Latham & Watkins advises North Bridge in strategic partnership with Carlyle to provide up to $1 billion for commercial property assessed clean energy (C-PACE) loans.
Real Estate FinanceCommercial PropertyCpace LoansPrivate CreditInvestment PartnershipsReal EstateSep 16, 2024
The partnership will provide up to $1 billion to facilitate the origination of commercial property assessed clean energy (C-PACE) loans by North Bridge. This collaboration leverages Carlyle's expertise in strategic growth, real estate, and asset-backed finance, enabling North Bridge to address evolving market needs on a larger scale.
North Bridge provides C-PACE financing to institutional borrowers in major markets nationwide. C-PACE is a fixed-rate form of financing secured by local property assessments. As a private credit solution with flexible terms, C-PACE is increasingly sought after for its accretive benefits to commercial real estate capital stacks.
The financing can be used for new construction projects, renovations, acquisitions, and retroactively for recapitalization opportunities.
Latham & Watkins LLP represented North Bridge in the transaction with a corporate deal team led by New York M&A partner David Beller and New York investment funds partner John Kelley, with associates Eric Czubiak and Abigail Keyes. Advice was also provided on real estate matters by New York partner Douglas Heitner and New York counsel Sander Ash, with associates Natalia Ortiz and Brendan Galloway; on tax matters by New York partner Gregory Hannibal; and on benefits matters by Washington, D.C. partner Adam Kestenbaum.
About Latham & Watkins LLP
Latham & Watkins LLP is a global law firm with more than 2,600 lawyers in 30 offices worldwide. The firm provides counsel to clients in a wide range of industries, including real estate, finance, and technology.
About The Carlyle Group
The Carlyle Group is a global investment firm with $230 billion of assets under management across 325 investment vehicles. The firm invests in a range of industries, including real estate, corporate private equity, and global credit.
Frequently Asked Questions
What is C-PACE financing?
C-PACE financing is a fixed-rate form of financing secured by local property assessments, used for commercial property projects such as new construction, renovations, and acquisitions.
Who are the parties involved in the partnership?
The parties involved are North Bridge ESG LLC, a leading provider of real estate finance solutions, and global investment firm Carlyle.
How much funding will be provided through the partnership?
The partnership will provide up to $1 billion to facilitate the origination of C-PACE loans by North Bridge.
What are the benefits of C-PACE financing?
C-PACE financing offers accretive benefits to commercial real estate capital stacks, and is a private credit solution with flexible terms.
Who represented North Bridge in the transaction?
Latham & Watkins LLP represented North Bridge in the transaction, with a corporate deal team led by David Beller and John Kelley.
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