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Sample Projects

Chinese Hospital — San Francisco, CA
c. 2020

Sample Projects

Senior Housing — Nashville, TN
c. 2020

Chinese Hospital

San Francisco

GreenRock Capital LLC successfully led $103 million in Commercial Property Assessed Clean Energy (C-PACE) funding for Chinese Hospital in San Francisco. This was the largest single commercial PACE transaction in the PACE industry history and the first to combine both taxable and tax-exempt financing in the same transaction. This C-PACE financing reduced the cost of financing seismic and other building improvements associated with a new patient tower. This transaction also refinanced outstanding debt associated with the new tower and by doing so, Chinese Hospital realized respective cash flow savings of more than $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 cash flow significantly.” 

“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.”

“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 marshal this complex transaction to a successful closing.”

GreenRock Leads $55 Million in C-PACE Funding, Bringing Tally North of $500 Million

Larkspur, California

GreenRock Capital LLC (GreenRock) successfully led $55 million in Commercial Property Assessed Clean Energy (C-PACE) funding in recent months. These financings preceded the firm’s $103 million in C-PACE funding for Chinese Hospital in San Francisco last month. 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.

Among numerous recent financings, GreenRock arranged capital for the ground-up construction of a large senior living facility in Northern California, ground-up construction of multifamily development in central Ohio, a capital improvement reimbursement for a senior housing project in Woodland Hills, Calif. and capital improvement reimbursements for a prominent hotel property in San Francisco. Most of the financing transactions were for 30-year terms including capitalized interest and interest-only periods.

These transactions closed within the past nine months and have set the stage for ongoing deal flow as the year unfolds. Combining these financings, the firm’s closings total north of $150 million.

One of the closings involved senior lender ORIX Corporation USA’s Municipal and Infrastructure group in its first C-PACE endeavor in the senior living space.

“We were very pleased to have introduced GreenRock to our client,” says Ben Price, Director, Municipal and Infrastructure, ORIX Corporation USA. “It was a smooth process and a successful closing.”

GreenRock Leads First C-PACE Financing in Tennessee

Nashville

GreenRock Capital LLC (GreenRock) announces the first commercial Property Assessed Clean Energy and Resiliency (C-PACER) transaction in Tennessee history. The recipient of the financing, a senior living development in the Nashville region, will use third-party funding to address the region’s continued shortage of senior housing. 

The inclusion of C-PACE funds in the developer’s financing stack reduces overall costs for qualifying construction projects such as energy efficiency, water conservation and renewable energy. In addition, resiliency measures such as flood mitigation, stormwater management, wildfire and wind resistance, energy storage, microgrids, and fire suppression are eligible under C-PACE financing guidelines. 

“We are elated to be an integral partner, along with GreenRock Capital, for this senior living project. It’s not often that our team can help address environmental and affordable housing challenges for a community in one project,” said Andy Holzhauser, Donovan Energy CFO.

The financing was made possible after Senate Bill No. 1990 was amended to allow third-party lenders for energy-efficient construction of new or existing builds in Tennessee. By lowering the cost of development through C-PACE financing, it is the developer’s and city’s goal to increase the volume of high-quality affordable senior living options in the Nashville area. 

The $3.5 million in C-PACE capital will specifically cover the cost of multiple energy-efficient project enhancements including high efficiency windows, LED lighting and HVAC systems. The 15-month project timeline will bring these units on the market in October 2023.