PACENation member, GreenRock LLC, announced the first Commercial Property Assessed Clean Energy (C-PACE) transaction in Tennessee history. GreenRock principals have closed more than $400 million of C-PACE financing to date. Read the full story in the official press release below.
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NASHVILLE – August 22, 2022 – GreenRock Capital LLC (GreenRock) announces the first Commercial Property Assessed Clean Energy (C-PACE) transaction in Tennessee history. The recipient of the financing, a senior living development in the Nashville region, will use the funding to address the region’s continued shortage of senior housing.
The inclusion of C-PACE in the developer’s financing stack reduces the overall costs for qualifying measures related to energy efficiency, water conservation, renewable energy and resiliency.
“This is the fifth senior housing transaction the experienced GreenRock team has closed and further highlights the benefits H-PACE brings to the healthcare market,” said Chris Robbins, managing principal of GreenRock.
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. 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.
“We are elated to be an integral partner, along with GreenRock, for this senior housing 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.
C-PACE financing allows property owners and developers to access capital for new construction, repositioning and capital improvements related to energy, resiliency, water or renewable projects, with the capital being repaid via the property tax bill.
About GreenRock Capital LLC
GreenRock is a team of veterans from healthcare, commercial real estate, C-PACE and capital markets, providing best-in-class C-PACE financing to their clients. GreenRock’s C-PACE solutions enable healthcare and commercial real estate owners to gain access to low-cost capital, create healthier environments, and meet environmental, social and governance (ESG) goals.
GreenRock principals have closed more than $400 million of C-PACE financing to date.
GreenRock is also the sole provider of H-PACE™, a PACE solution solely for the healthcare sector. Contact either Joe Euphrat, jeuphrat@greenrockhc.com, or Chris Robbins, crobbins@greenrockhc.com, for more information.