GreenRock Capital LLC successfully led $103 million in Commercial Property Assessed Clean Energy (C-PACE) funding for Chinese Hospital in San Francisco. This was the largest single commercial PACE transaction in the PACE industry history and 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 also refinanced outstanding debt associated with the new tower and by doing so, Chinese Hospital realized respective cash flow savings of more than $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 cash flow significantly.”
“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.”
“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 marshal this complex transaction to a successful closing.”