SAN FRANCISCO — GreenRock Capital has led $103 million in Commercial Property Assessed Clean Energy (C-PACE) funding for Chinese Hospital, located at 845 Jackson St. in San Francisco. This is the largest single C-PACE transaction in industry history and is the first to combine both taxable and tax-exempt financing in the same transaction, according to GreenRock.
The C-PACE transaction reduced the cost of financing seismic and other building improvements associated with a new patient tower. The transaction will also 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.
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.