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Our Services

With tailored C-PACE solutions that exceed clients and advisor expectations, GreenRock is dedicated to continued innovation in the C-PACE market to achieve both client and stakeholder goals. Working alongside in a partner role, we are committed to creating meaningful solutions that help build long-term client relationships.

Sectors

C-PACE

C-PACE

GreenRock’s C-PACE financing provides owners and developers with an accretive financing tool and the flexibility to tailor terms, rates and structure to maximize the benefits for each individual project.

  • Hospitality
  • Multifamily
  • Retail
  • Office
  • Industrial/Manufacturing
  • Mixed Use

Conversion capital for the repositioning of a vacant office building to mixed use

Filling out the capital stack for new construction projects with long-term low-cost non-recourse financing

H-PACE

Healthcare expenditures as a percent of US GDP run close to 20 percent. GreenRock’s team understands healthcare, from providers to capital markets and related real estate. We bring together our deep C-PACE, commercial real estate and healthcare knowledge to deploy H-PACE to our healthcare clients and their projects including hospitals, medical office, senior housing and life science.

  • Augmenting a healthcare provider’s capital formation
  • Providing liquidity to strengthen the balance sheet
  • Reducing the annual occupancy costs for the healthcare tenant
  • Enhancing the capital stack on a healthcare development project
  • Financing significant tenant improvements

$103 million of H-PACE reimbursement proceeds to restructure all outstanding hospital debt, eliminate operating and financial covenants, and improve cash flow by $45 million within 10 years

$18 million of H-PACE to reduce the overall weighted cost of capital and lower the impact of value engineering for a large senior housing development

GoldenState PACE

In the past decade, the principals of GreenRock have structured and led the largest dollar amount in aggregate of PACE financings in California. We have deep roots in the state. For many years, our team has developed an efficient process for deploying C-PACE capital to owners, users and developers of commercial and healthcare real estate.

  • Terms to 30 years
  • Up to 5 years interest only 
  • Resiliency projects including seismic 
  • Reimbursement to access liquidity, projects completed past 36 months 

$17.5 million of reimbursement capital for a major hospitality project energy efficiency upgrades in San Francisco, proceeds utilized to pay down the senior loan

Conversion capital to repurpose existing office building to mixed use including medical office and senior housing

Financing Structure and Attributes

  • Fixed rate, up to 30-year term
  • Non-recourse
  • No financial or operational covenants
  • Repaid via the property tax bill
  • Obligation attaches to the property
  • C-PACE LTC/LTV up to 30 percent
  • Up to 5 years interest only
  • Two years of capitalized interest
  • Pre-payable in part or in full at any time
  • Principal cannot accelerate

How Our Financing is Utilized

outdoor space
  • Recapitalize Projects
  • New construction and redevelopment
  • Conversion Capital / Asset repositioning
  • Resiliency and Renewable Energy Projects
  • Routine CapEx
  • Tenant Improvements

Sample CPACE Eligible Measures

Energy Efficiency
  • Lighting & Controls
  • HVAC Systems
  • Building Envelope
  • Boilers & Chillers
  • Elevator Systems
Renewable Energy +
  • Solar PV & Thermal
  • Microgrids
  • Energy Storage
  • Cogeneration
  • EV Charging Stations
Water conservation
  • Low Flow Fixtures
  • Irrigation & Controls
  • Rainwater Harvesting
  • Grey Water Systems
  • Leak detection and repair
Resiliency-new build & existing
  • Seismic Upgrades
  • Storm Proofing
  • Stormwater Management
  • Fire Resiliency
  • Bacteria & Virus Mitigation

Where is GreenRock financing available?

While PACE enabling legislation has been passed in 39 states and the District of Columbia, many of the PACE programs have differing processes, fee schedules and funding guidelines. GreenRock is your partner in all things C-PACE. From a single asset to a large portfolio, owners using our PACE 360 process can quickly determine where PACE may be applicable and how it can be deployed for the benefit of all stakeholders.

Image Credit: PACENation

Active Program(s)

Program in Development

PACE-enabled

Not PACE-enabled

Our Process
PACE360

PACE360™: The Ultimate Road Map to Successful Financing

PACE 360™ incorporates a four-step process that begins with the assessment of the project, the structuring of the terms, underwriting and funding, and post-close engagement. GreenRock’s PACE360™ program unlocks the road map to successful financing.

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