GreenRock Leads Largest Single C-PACE Deal in PACE History
GreenRock Capital LLC 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 PACE industry history, and the first to combine both taxable and tax-exempt financing in the same transaction.
“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 during this period of time,” says Jian Zhang, chief executive officer of Chinese Hospital.
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 will realize respective cashflow savings of more than $40 million during the next 10 years.
“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. I also want to thank Poppy Bank, Jones Hall and the rest of the transaction team who all contributed to a successful closing.”
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.