$42MM • Southern, CA
Transaction Highlights
- Total financing of $42MM across four properties
- LTV of 14%
- 25 years fixed
- Non-recourse
- Capitalized interest reserve for two years
c-pace
$42.5MM
LTV:
14%
Type
Retrofit
Building:
Hospital
TErm:
25 Years Fixed
Status:
Closed
Project Description
The Office of Statewide Health Planning and Development (OSHPD), instituted guidelines that required several Hospitals owned by a national REIT to undergo seismic retrofits prior to January 2030. The hospitals also had planned HVAC and electrical upgrades.
Rather than entering into a short term loan for the improvements, the owner used PACE financing which allowed them to amortize the cost of the improvements over a 25 year term.
