February 17, 2022

GreenRock Leads $55 Million in C-PACE Funding, Bringing Tally North of $150 Million

LARKSPUR, Calif. – February 17, 2022 – GreenRock Capital LLC (GreenRock) successfully led $55 million in Commercial Property Assessed Clean Energy (C-PACE) funding in recent months. These financings preceded the firm’s $103 million in C-PACE funding for Chinese Hospital in San Francisco last month. The Chinese Hospital deal was the largest single commercial PACE transaction in PACE industry history, and the first to combine both taxable and tax-exempt financing in the same transaction.

Among numerous recent financings, GreenRock arranged capital for the ground-up construction of a large senior living facility in Northern California, ground-up construction of multifamily development in central Ohio, a capital improvement reimbursement for a senior housing project in Woodland Hills, Calif. and capital improvement reimbursements for a prominent hotel property in San Francisco. Most of the financing transactions were for 30-year terms including capitalized interest and interest-only periods. These transactions closed within the past nine months and have set the stage for ongoing deal flow as the year unfolds. Combining these financings, the firm’s closings total north of $150 million. One of the closings involved senior lender ORIX Corporation USA’s Municipal and Infrastructure group in its first C-PACE endeavor in the senior living space.

“We were very pleased to have introduced GreenRock to our client,” says Ben Price, Director, Municipal and Infrastructure, ORIX Corporation USA. “It was a smooth process and 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.

About GreenRock Capital LLC

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, jeuphrat@greenrockhc.com, or Chris Robbins, crobbins@greenrockhc.com, for more information.