Chris Lawton

What is the biggest challenge you’ve encountered as a lender in 2026?

The biggest headwind we have faced this year has been a combination of macro and market-specific pressures converging at once. Elevated rates make financing costs high and lead to less overall deal activity. This is particularly true where we do most of our transactions, which is construction and heavy renovation. 

Activity is further constrained by the fact that common equity continues to be extremely difficult to obtain. These factors combined with tight competition in the lending market have been challenging. However, given the fact that C-PACE can finance recently completed projects, we see opportunity to fill gaps in capital stacks. In this rate environment, refinancing proceeds can be the constraint, and C-PACE can help bring an efficient capital stack together.

Has the can been kicked fully down the road when it comes to loan extensions, or is there more leg action to come? 

After a long period of low rates, we are in a new cycle of so-called higher for longer that will keep some legs swinging to kick cans down the road.

Which property sector is most attractive from a lending perspective today, and which are you most cautious about? 

While hotel and multifamily are the largest property types in our portfolio, we’re seeing numerous opportunities in conversions, senior housing and office. Senior housing is a sector where the demographics are compelling, there is less liquidity, and our parent company, Nuveen, has specific expertise as a large owner in the asset class. 

More broadly, it comes down to the sponsor, location and lending partners involved, and we have been fortunate to partner with some notable sponsors in the industry.

How are projections for higher-for-longer interest rates impacting your lending strategy? 

With the recent rate increase and projections for higher-for-longer interest rates, our lending strategy remains focused on adapting to market conditions and pivoting as the lending environment and sponsor needs shift. C-PACE is a long-term, fixed-rate financing tool that primarily competes with floating-rate lenders. 

Even though SOFR is currently below long-term rates, between an upward forward curve and general volatility, we have seen increased interest in our fixed-rate product. As discussed, higher rates lead to lower overall deal activity. Therefore, as we look at opportunities, we need to dig in and be flexible and creative on deals where we have conviction.

What’s your competitive edge in deals today, and who are you competing against most often (banks or non-banks)? 

We have created a vertically integrated, institutionally backed financing platform over the past 10 years that is made up of an incredible team of dedicated and creative CRE experts with an additional unique skillset in C-PACE. As a result, Nuveen Green Capital has maintained its leadership position within the C-PACE industry with our total originations surpassing $7 billion to date. This year we have already surpassed last year’s $2.1 billion in originations. 

In addition to that backdrop, our edge is the flexibility of the C-PACE product, our wide base of investors (including TIAA), and our track record of smooth execution. We are also just good people to work with.

What is the most important thing you’ve done as a lender to protect your loan portfolio over the last year? 

We have invested heavily in our platform. Our team has been proactive in the use of AI, and we have been able to automate certain repetitive tasks so our team of experts can focus on leveraging their judgment to navigate risks. 

We have also invested resources in our people in terms of hiring, training and culture-building.

If you were marooned on a desert island, which three items would you bring, and what would be your key survival skill? 

AI told me it should be a knife, some sort of fire starter, and a pot to cook in and boil water. That sounds correct, but I would really need a book. So, let’s assume I’ll figure out how to make fire by rubbing sticks together. I’ll swap out the fire starter for a book that I can read over and over. 

Final answer: a survival knife, a pot, and the book The Pillars of the Earth by Ken Follett.

Lightning Round:

“Traitors” or “Alone”? “Breaking Bad.”

Super Bowl or World Cup? 49ers in the Super Bowl.

Orcas or yachts? Orcas for sure.

If you could train AI to do one new thing, what would it be? Dishes.

Best vacation you ever took? Costa Rica.

Conversions: “Keep `em comin’ ” or “Sooo 2020 (scoff)”? Keep `em comin’.

Book reader or phone scroller/email checker before bed? Book reader … on my phone.

Holiday wish? Some downtime with family.

“Power” song you listen to when mentally preparing for a big event/deal/day? “Lose Yourself” by Eminem.