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With leverage, the Toronto-based manager has the potential to lend as much as €300m.
'It all depends on the operator and how the asset is positioned,' says Nuveen’s head of debt capital markets, Europe and APAC.
The newly-launched fund, which is already being deployed, is issuing loans of between €25m and €75m.
The alternative asset manager prefers office renovation projects to demolition plans, according to its head of UK real estate investment.
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The refinancing of 32 Rue Blanche in Paris’ ninth arrondissement was secured by Toronto-based investor Oxford Properties following its renovation.
The financing issued by the Wiesbaden-headquartered lender will enable the owner to undertake extensive renovation work.
There is increased lender interest for socially-minded projects, even if a sustainability-linked loan isn’t part of the agreement, says the firm’s COO.
The company says five-year lending rates saw a ‘material decrease’ as central banks’ easing cycle began during the third quarter.
Large volumes of hospitality transactions across Europe have positively affected lending activity.