Bayview PACE provided $4.3MM of PACE financing for the renovation of a behavioral health care facility in Pennsylvania
A former historic hospital campus had been converted into a multi-use medical facility with multiple tenants and buildings served by a failing central plant that needed replacement. Ownership needed additional capital for operations after paying for some of the required upgrades.
Pace In Action
The campus was able to secure C-PACE financing from Bayview to pay for previous mechanical capital expenditures and a new steam boiler and chiller to serve the campus without having to request the existing lender to modify their loan.
- Total financing of $4.3MM across four properties
- LTV of 9% and CLTV of 75%
- Rate at 6% for 25 years fixed
- Interest-Only Period for a year
- Non-recourse with no covenants