SLG OfficeTrust2021-OVACommercial Mortgage Pass-Through Certificates, Series 2021-OVAGreen Bond Framework (2021)
Use of Proceeds
Sustainalytics is of the opinion that the SLG Office Trust 2021-OVA CMBS Green Bond Framework is credible and impactful and aligns to the four core components of the Green Bond Principles 2018. This assessment is based on the following:
USE OF PROCEEDS
The eligible category for the use of proceeds –Green Buildings – is aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that investments in the eligible category will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 11.
PROJECT EVALUATION / SELECTION
Wells Fargo Commercial Mortgage Securities, Inc.’s (the “Depositor”) process in evaluating and selecting the eligible project entailed assessment by Wells Fargo’s internal risk committees. Sustainalytics considers the project selection process to be in line with market practice.
MANAGEMENT OF PROCEEDS
At the time of issuance, net proceeds will be fully allocated to fund the mortgage loan that provides long term financing to One Vanderbilt. Neither SLG Office Trust 2021-OVA nor Wells Fargo will retain the flexibility to re-allocate the use of proceeds or have any temporary use of proceeds. This is in line with market practice.
The Depositor commits to publishing a report on the certificate administrator’s website upon full allocation of net proceeds which will include the green building certification. Sustainalytics considers the allocation and impact reporting process to be in line with market practice.