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.
Related News Articles
Mumbai Real Estate Developer and CEO Embroiled in ₹13.65 Crore Fraud Case
A Mumbai-based real estate developer and CEO have been booked for allegedly forging documents and duping a partner of ₹13.65 crore in a Bhandup land deal.
Mumbai Property Registration Revenue Surges 52% YoY to Rs 1,081 Crore This Diwali
According to data from the Inspector General of Registration (IGR), Maharashtra, property registrations in Mumbai witnessed a remarkable 22% year-over-year increase, with 11,861 homes registered in October 2024, compared to 9,736 in November 2023.
AI Bubble Deflating: Zoho's Sridhar Vembu Stresses Importance of Real Engineering Work
Zoho CEO Sridhar Vembu discusses the potential deflation of the AI bubble and emphasizes the enduring importance of real engineering work in the tech industry.
ED Seizes ₹19.61 Crore from Karrm Developers Linked to Vivek Oberoi in Real Estate Scandal
The Enforcement Directorate (ED) in Mumbai has taken action against Karrm Developers, a real estate firm associated with actor Vivek Oberoi, by seizing assets worth ₹19.61 crore. The action is part of an ongoing investigation into financial misconduct in the affordable housing sector.
Mumbai Sees Record-Breaking Property Registration in March 2025
Mumbai witnessed a surge in property registration in March 2025, driven by the impending hike in reckoner rates set to take effect from April 2025. This surge highlights the robust demand in the city's real estate market.
Private Equity Investments Fuel 133% Surge in Real Estate Deal Volumes in Q1 2025
Real estate deal volumes soared by 133% in the first quarter of 2025, driven predominantly by private equity (PE) investments, which accounted for 88% of the total transactions.