Latham & Watkins Advises North Bridge in Partnership With Carlyle to Provide Up to US$1 Billion in Private Credit C-PACE Financing

Global investment firm Carlyle (NASDAQ: CG) has announced a strategic investment into North Bridge ESG LLC (North Bridge), a leading provider of real estate finance solutions, and a commitment to provide up to US$1 billion to facilitate the origination of commercial property assessed clean energy (C-PACE) loans by North Bridge. This partnership leverages Carlyle's strategic growth, real estate, and asset-backed finance expertise and enables 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 represents 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.