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1/31/22
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GreenRock Capital LLC (GreenRock) successfully led $103 mil in Commercial Property Assessed Clean Energy (C-PACE) funding for Chinese Hospital, located at 845 Jackson St in San Francisco. We’re told 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 is expected to realize respective cashflow savings of over $40 mil during the next 10 years.
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.
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