GreenRock Leads Record-Setting $103 million in C-PACE Funding for Chinese Hospital in San Francisco, CA

Dr. Jian Zhang

 SAN FRANCISCO, CA, Jan. 27, 2022 – Today, GreenRock Capital LLC (GreenRock) 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.  

Joe Euphrat

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 over $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 cashflow significantly, which of course is important to any hospital during this period of time.” 

 “Efficient building improvements and lower costs – a great win/win,” says Joe Euphrat, Managing Principal of GreenRock.

James Hamill

“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.”

 “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 marshall this complex transaction to a successful closing.”

 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.

 Contacts:

 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

For GreenRock, please contact either Joe Euphrat, jeuphrat@greenrockhc.com, or Chris Robbins, crobbins@greenrockhc.com, for more information.