Bayview PACE provided $4.3MM of PACE financing for the renovation of a behavioral health care facility in Pennsylvania

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Project Description

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