Term Sheet: CREFC, NCREIF lay groundwork for industry-first debt fund index; Nuveen channels insurance investor demand into C-PACE lending fund launch; What the Moody’s and Fitch downgrades mean for real estate debt

CREFC and NCREIF roll out debt fund aggregate comprised of 13 managers to field feedback on their forthcoming index launch; Nuveen launches C-PACE lending fund to address insurance company appetite; How commercial real estate debt will be affected by the Fitch and Moody’s downgrades amid existing market volatility; and more in today’s Term Sheet, exclusively for our valued subscribers.