Across Texas, communities are navigating how to meet growing demand for housing while maintaining long-term sustainability and quality of life. In Horseshoe Bay, a new development is doing just that, bringing much-needed senior living options to an area known for both its growth and its natural beauty.

The Horseshoe Bay Senior Living project represents a significant milestone, not only for the community, but for Llano County. As the first TX-PACE project in the county, it reflects a forward-thinking approach to development, one that prioritizes efficiency, resilience, and long-term value.

Meeting Demand in a High-Growth, High-Quality Market

Planned as a 180-unit / 182-bed independent living, assisted living, and memory care facility, the project will span more than 313,000 square feet across three- and four-story buildings. Situated on nearly 11 acres, it will serve as a central component of a broader mixed-use development that includes residential, office, retail, and dining.

Located near Lake Lyndon B. Johnson, Horseshoe Bay has long been recognized as an affluent resort destination. As the region continues to attract retirees and families alike, the need for high-quality senior housing, particularly options that offer a full continuum of care, has become increasingly clear.

This project is designed to meet that need while aligning with the expectations of a modern, amenity-rich community.

Designed for Long-Term Performance

At Texas PACE Authority, we see projects like this as an opportunity to integrate high-performance building strategies from the ground up.

A detailed energy analysis indicates that the project is expected to achieve:

• 12.8% energy savings compared to baseline standards
• 29.1% water savings, driven in part by low-flow fixtures and efficient systems
• More than $69,000 in first-year utility savings
• Over $2.1 million in lifecycle operational savings, with total savings exceeding $7 million when including financing and tax benefits

These results are driven by a comprehensive set of measures, including enhanced building envelope performance, high-efficiency HVAC systems, LED lighting, and water-saving technologies.

Importantly, these are not just environmental improvements, they are financial ones. With a strong savings-to-investment ratio of 2.7, the project demonstrates that high-performance design can directly enhance asset value and operational stability.

John E. Hyjer, Chief Executive Officer, Falcon Senior Housing, LLC shared, “From the outset, we approached this project with a focus on long-term operational performance and disciplined capital structuring. TX-PACE was an important component of the capital stack, helping us finance efficiency measures in a way that aligns costs with long-term savings. That structure ultimately improves both project feasibility and long-term asset performance.”

Enabling the Project Through TX-PACE

Financing plays a critical role in making projects like this possible. Through TX-PACE, property owners can incorporate energy and water efficiency measures into their capital stack in a way that aligns costs with long-term benefits.

For the Horseshoe Bay Senior Living project, Nuveen Green Capital is providing the PACE financing, supporting more than $38 million in eligible improvements tied to efficiency and building performance.

"Nuveen Green Capital is proud to provide C-PACE financing for the Horseshoe Bay Senior Living project, a development that exemplifies how innovative financing structures can unlock meaningful community impact. C-PACE financing is helping to make high-quality, energy-efficient senior housing a reality for Llano County residents who need it most. This project demonstrates exactly what C-PACE is designed to do: align long-term capital with long-term performance, enabling developers to invest in best-in-class building systems and efficiency measures without placing undue pressure on their upfront capital stack. We are grateful for our partnership with Texas PACE Authority, whose program administration has been instrumental in bringing this transaction to the finish line, and we look forward to continuing to expand access to sustainable and cost-effective financing solutions across Texas with them,” said Chris Ellis, Senior Director, Originations for Nuveen Green Capital.

By spreading repayment over time and tying it to the property, TX-PACE helps:

• Reduce upfront capital requirements
• Improve overall project feasibility
• Support long-term operational savings
• Enable higher-quality construction and systems

A Collaborative Effort

Projects of this scale and impact are the result of strong collaboration between public and private partners, each aligned around a shared vision for the community.

Llano County Commissioner Peter Jones stated, “This project is an important milestone for Llano County as the first TX-PACE transaction and the sponsoring project that helped bring the program here. TX-PACE provides a flexible financing tool that supports both new construction and the renovation of existing buildings, giving our communities more options to invest in high-quality, efficient development.”

Supporting Smart Growth in Emerging Markets

As more communities across Texas look to balance growth with infrastructure and resource considerations, projects like Horseshoe Bay Senior Living highlight what is possible.

They show that:

• High-quality development can align with long-term efficiency goals
• Financing tools like TX-PACE can unlock better outcomes
• Even first-time counties can successfully implement innovative programs

For Llano County, this project sets an important precedent, demonstrating how TX-PACE can be used to support meaningful development that benefits both residents and the broader community.

The TX-PACE Advantage

TX-PACE continues to serve as a flexible, long-term financing solution that enables property owners to invest in high-performance building systems without increasing upfront capital constraints.

By aligning repayment with property tax assessments and extending terms up to 30 years, TX-PACE allows projects to:

• Reduce overall cost of capital
• Improve project feasibility
• Support long-term asset performance
• Address critical infrastructure challenges, including energy and water use

Looking Ahead

The Horseshoe Bay Senior Living project represents more than a new development, it marks the beginning of TX-PACE activity in Llano County and reinforces the growing role of high-performance infrastructure in Texas communities.

As demand for senior housing continues to rise, projects like this will play a critical role in delivering quality care environments while ensuring long-term sustainability and financial strength.

At Texas PACE Authority, we are proud to support projects that not only meet today’s needs, but are built to perform well into the future.

About Texas PACE Authority

Texas PACE Authority (TPA) is a nonprofit organization and the leading administrator of TX-PACE programs serving more than 100 cities and counties across Texas. TPA works with local governments, property owners, and capital providers to facilitate financing for energy and water efficiency, resiliency, and distributed generation improvements in commercial properties. Through its program administration and market leadership, TPA helps ensure that high-performance building solutions are accessible, scalable, and aligned with the long-term needs of Texas communities. www.texaspaceautority.org

About Nuveen Green Capital

With over $5 billion originated, Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1trillion+ asset manager and wholly owned subsidiary of TIAA. The company, which was founded by C-PACE industry pioneers who helped design the nation's first successful statewide C-PACE program, has grown to offer a market-leading suite of accretive CRE financing products and a full-service lending platform with all underwriting, legal, and asset management functions executed in-house. To learn more, visit: www.Nuveen.com/greencapital