GreenRock Capital LLC provides easy access to affordable financing to fund short- and long-term capital budget requirements, new construction and large scale tenant improvements, repaid on the owner’s property tax bill. GreenRock’s C-PACE (Commercial Property-Assessed Clean Energy) capital program is a flexible financing solution for new development and repositioning projects for healthcare and commercial real estate including medical office buildings. A typical capital stack would include a senior loan, C-PACE and equity. The senior debt and C-PACE can range between 75 to 85 percent of the capital stack. C-PACE is tied to measures within a budget related to energy efficiency (entire building envelope, all mechanical systems, controls, etc.), water efficiency (low flow fixtures, irrigation/controls), renewable energy (solar, EV charging stations, battery storage) and resiliency (seismic, storm proofing, etc.). In a typical major retrofit project, C-PACE can be used for up to 30 percent of the as-completed value (i.e., $60 million value/$20 million potential C-PACE).
C-PACE Terms/Attributes:
- Term: up to 30 years, fully amortizing
- Amount: 100 percent of all C-PACE eligible costs including all closing costs – typically up to 30 percent of as-completed value for re-development
- Capitalized Interest: up to 24 months
- Interest Only: up to 10 years
- Non-Recourse
- No financial covenants
- Paid via the property tax bill
The GreenRock team consists of seasoned healthcare, real estate, PACE, and capital markets executives and advisors who understand healthcare and commercial real estate, and will ensure an efficient deal execution. GreenRock is the sole provider of H-PACE™, a PACE solution solely for the healthcare sector. One of the recent closings was the firm’s $103 million in C-PACE funding for Chinese Hospital in San Francisco. The Chinese Hospital deal was 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.
We would love an opportunity to answer any question about our financing program, learn about your new construction, repositioning or large CapEx projects and explore the possibility of utilizing C-PACE as a way to reduce the overall cost of capital for these projects. Depending on the transaction, we may be able to introduce senior lenders with whom we have close relationships and are familiar with C-PACE to provide a full stack solution. Please contact Joe Euphrat at jeuphrat@greenrockhc.com or Chris Robbins, crobbins@greenrockhc.com to learn more.
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