HASC Endorsed Business Partner GreenRock Capital LLC 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. 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,” 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 right now.”
“Efficient building improvements and lower costs are a great win/win,” says Joe Euphrat, Managing Principal of GreenRock.
C-PACE is a financing mechanism that allows owners and developers of commercial and health care 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 health care, commercial real estate, C-PACE and capital markets, providing best-in-class C-PACE financing to their clients. GreenRock’s C-PACE solutions enable health care and commercial real estate owners to gain access to low-cost capital, create healthier environments, and meet environmental, social and governance (ESG) goals.