may 22, 2024
Rehabilitation hospital in Bradenton, Florida receives $9.42 million C-PACE loan
Minneapolis, Minnesota (May 20, 2024) – PACE Loan Group completed a $9.422M C-PACE Loan on a 63,000 sq. ft. medical rehab facility in Bradenton, FL. The 30-year loan for the new construction project was part of a $37.85 million capital stack with a $28.43M senior construction loan provided by Amerant Bank. Commercial Property Assessed Clean Energy (C-PACE) loans are designed to support energy efficiency upgrades and renewable energy improvements and are considered non-recourse tax assessments.
The project, expected to be complete in December 2025, will be a single-tenant facility leased to Bradenton Rehabilitation Hospital, LLC, and managed by Nobis Rehabilitation Partners, which currently manages 14 hospitals nationwide. The rehab facility will provide full-time nursing care and intensive rehabilitative and occupational therapy in a hospital-like setting, treating patients recovering from a wide variety of medical issues including strokes, brain injuries, or traumatic lower body bone fractures. The renewable and energy conservation measures financed through the C-PACE are expected to save $71,805 annually in the payback period of 31.66 years
The financing deal team included Senior Director Kevan McCormack of Marcus & Millichap Capital Corporation, which arranged the senior loan, and Joe Euphrat, managing principal – GreenRock, who partnered with PACE Loan Group for the C-PACE financing. The 60% loan-to-cost bank loan was structured at SOFR + 400, floating for two years, followed by a three-year mini-perm at SPFR + 340 fixed. The 20% loan-to-cost PACE financing was structured at an 8.77% fixed rate with a 30-year amortization and three years of interest only.
The Florida Development Finance Commission operates and administers the state’s C-PACE Program in accordance with the Florida PACE Act and the PACE policies and procedures established by FDFC’s Board (the “FDFC PACE Procedures”). This allows the Florida Resiliency and Energy District (“FRED”) to levy and collect assessments on Commercial Properties located in those approved metropolitan areas.
About PACE Loan Group
PACE Loan Group (PLG) is a national leader in the C-PACE marketplace, providing direct C-PACE financing to commercial property owners. PLG benefits from institutional support with capital from funds managed by AB CarVal, a subsidiary of Alliance Bernstein. The PLG team provides expertise up and down the capital stack, from origination and underwriting to loan servicing. To learn more about PLG, visit www.paceloangroup.com.
See if C-PACE works for your project.
PLG News
Stay up-to-date on how C-PACE can help your commercial real estate project in any market.
Learn more about C-PACE
Articles by PLG experts to help you integrate C-PACE into your projects.
© PACE Loan Group 2023 | Policy & Terms | Powered by MadeDaily® Secure + Compliant™