Done Deals: Jan 27, 2022

Thursday, January 27, 2022

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.

Morgan Adams

ALISO VIEJO, CA, Jan. 27, 2022 – Stream Realty Partners has just completed the largest office building sale in Aliso Viejo in the past 24 months.

The national real estate services, development, and investment company represented Lone Cypress Realty, a Fort Worth, Texas-based real estate investment company, in the $10.5 million sale of VIEW at 101 Columbia adjacent to the San Joaquin Hills Corridor.

VIEW at 101 Columbia office building, Aliso Viejo, CA

Holt Integrated Circuits, an integrated circuits supplier for the aerospace industry, acquired the Class B, 38,154-square-foot building.

It plans to use the ground floor for warehousing and the second floor for corporate offices.

The property was renovated in 2020 with modern entry finishes and light fixtures as well as updated two-tone exterior paint.

The amenity-rich area boasts 721 restaurants, 531 retailers, and 6 gyms within a 5-mile radius.

Mike Adams

“Given the limited number of large lease transactions in the area, we suggested that Lone Cypress Realty put the building on the market for sale or lease to catch a wide net of prospects,”said Mike Adams, Managing Director of Stream Greater Los Angeles.

“During the marketing process, we dug into the market and presented three strong options either in the form of single user/long-term leases or purchase options. Lone Cypress ultimately chose the purchase option because it best fit their investment criteria.”

Steven Rawls

Adams and Morgan Adams, an Associate at Stream Greater L.A., represented Lone Cypress Realty in the transaction.

“We selected Stream because of their aggressive marketing approach and tenacity,” said Steven Rawls, founder of Lone Cypress Realty.

“They have a solid reputation in Southern California and the South County submarket, and I knew they would make sure that 101 Columbia would get a look from every potential tenant. Stream surpassed all of our expectations.”

Contact: