This week, HASC welcomes its newest Endorsed Business Partner, GreenRock Healthcare Capital, and launches a new mini podcast series. Profiling our partners, the series debuts with a focus on GreenRock. Click here to listen.
Bay Area–based GreenRock is a perfect partner to launch the series, with an innovative financing method for health care facilities. In this Q&A, GreenRock principals Joe Euphrat and Mitch Creem explain how it works.
GreenRock provides up to 30-year financing for most types of health care construction projects and large capital purchases using tax assessment bonds. The firm’s exclusive H-PACETM financing — a PACE (property-assessed clean energy) structure for health care organizations — supports facilities in upgrading their energy efficiency. Both for-profit and nonprofit hospitals can access needed capital, which is repaid through an assessment on the organization’s property tax bill.
Although most nonprofits do not pay property ad valorem taxes, they can pay annual property assessment payments. More than 50 percent of any construction project and a variety of large capital purchases could qualify for GreenRock H-PACE financing. The company will review your CapEx or construction budget at no cost to determine how much of your planned spending can qualify for H-PACE financing.
To learn more about HASC’s Endorsed Business Partners program, contact Paul Young, Senior Vice President of Public Policy and Reimbursement, at (213) 538-0777 or [email protected].