SAN FRANCISCO – January 27, 2022 – Today, GreenRock Capital LLC (GreenRock) successfully led $103 million in Commercial Property Assessed Clean Energy (C-PACE) funding for Chinese Hospital in San Francisco. This is the largest single commercial PACE transaction in the PACE industry history and is the first to combine both taxable and tax-exempt financing in the same transaction. This C-PACE financing reduced the cost of financing seismic and other building improvements associated with a new patient tower. This transaction will refinance outstanding debt associated with the new tower and by doing so, Chinese Hospital will realize respective cashflow savings of over $40 million during the next 10 years.
“This transaction is of great benefit to Chinese Hospital. We thank GreenRock for structuring, leading and successfully closing this exciting and important transaction,” says Jian Zhang, Chief Executive Officer of Chinese Hospital. “This transaction not only helped to finance efficient building improvements but also helped Chinese Hospital to improve its cashflow significantly, which of course is important to any hospital during this period of time.”
“Efficient building improvements and lower costs – a great win/win,” says Joe Euphrat, Managing Principal of GreenRock. “GreenRock is both excited and proud that we were able to provide valuable assistance to Chinese Hospital, an important member of the San Francisco healthcare community. I also want to thank Poppy Bank, Jones Hall, and the rest of the transaction team who all contributed to a successful closing.”
“We are very happy that CSCDA’s OpenPACE program allowed Chinese Hospital to realize the structural and economic benefits associated with this transaction,” says James Hamill, Managing Director of the California Statewide Communities Development Authority (CSCDA). “This is the largest C-PACE transaction that we have ever done, and we are grateful to GreenRock for their support and expertise to marshall this complex transaction to a successful closing.”
C-PACE is a financing mechanism that allows owners and developers of commercial and healthcare properties to access low-cost, long-term financing for efficient building improvements, including seismic and other resiliency measures. The financing is repaid through a property assessment payment paid through the term of financing.
GreenRock Capital LLC is a team of veterans from healthcare, commercial real estate, C-PACE and capital markets, providing best-in-class C-PACE financing to their clients. GreenRock’s C-PACE solutions enable healthcare and commercial real estate owners to gain access to low-cost capital, create healthier environments, and meet environmental, social and governance (ESG) goals. GreenRock principals have closed more than $300 million of C-PACE financing to date. GreenRock is also the sole provider of H-PACE™, a PACE solution solely for the healthcare sector. Contact either Joe Euphrat, email@example.com, or Chris Robbins, firstname.lastname@example.org, for more information.