SAN FRANCISCO, Jan. 27, 2022 /PRNewswire/ -- Poppy Bank,
recognized as one of the strongest financial institutions in the
nation with branches throughout California, today announced the closing and
funding of $103 million in Commercial
Property Assessed Clean Energy (C-PACE) financing for the Chinese
Hospital in San Francisco. The transaction includes both
taxable and tax-exempt components and is the single largest C-PACE
transaction ever in the nation.
"Offering clean energy funding for commercial projects through
C-PACE is a game changer for the nation."
"We are very excited about this transaction and the Poppy Bank
C-PACE Financing Division," said President and Chief Executive
Officer, Khalid Acheckzai. "We
started our C-PACE Division in late 2020 and our ability to provide
the most competitive cost structure nationally has allowed us to
now fund the largest C-PACE transaction ever in the United States. Offering clean energy
funding for commercial projects through C-PACE is a game changer
for the nation. This transaction supports San Francisco's new initiative of
achieving a net-zero emissions by 2040 -- and I am proud
that Poppy Bank is part of this positive change. I would like
to thank GreenRock, The California Statewide Communities
Development Authority (CSCDA) and Jones
Hall for their contributions to this transaction."
This C-PACE financing, which was entirely funded by Poppy Bank,
reduces the cost of financing for seismic and other building
improvements associated with the new patient tower. The transaction
goes towards refinancing outstanding debt and will provide the
Chinese Hospital with a cashflow savings of more than $40 million over the next 10 years, a tremendous
benefit during a historically crucial time for the medical
industry.
Almost half of the energy consumed in the United States is used to operate
buildings. C-PACE is an economic driver for business growth, local
job generation, and environmental sustainability. When
approved, C-PACE financing may cover up to 100% of eligible costs.
The financing is repaid through a property assessment payment paid
through the term of financing.
About Poppy Bank
Since opening the first branch in
January 2005, Poppy Bank has grown to
over $4 Billion in assets with
branches across the San Francisco Bay
Area, Roseville, and
Southern California. Poppy Bank
has loan production offices in Northern and Southern California, as well as loan
production officers in Utah,
Texas, New York, and South
Carolina. The Bank is committed to providing the best
products and services, propelling its success, and garnering
national recognition for its performance. Poppy Bank is 5-star
rated by BauerFinancial Inc., the nation's leading independent bank
and credit union rating firm and is recognized as one of the
strongest financial institutions in the country. Poppy Bank has
also been ranked as one of the best-performing banks in the nation
by the ICBA. The Bank is governed by a strong team of Executive
Officers and a dedicated Board of Directors formed entirely by
accomplished business leaders. Poppy Bank exists to meet the
banking needs of clients and to make a positive difference in the
communities served. For more information visit
www.poppy.bank.
About Poppy Bank's C-PACE Financing
C-PACE provides
long-term, fixed rate and low-cost capital to commercial property
owners for water conservation, seismic and clean energy projects --
and can be used to retroactively finance energy-efficient
construction that has already been completed. C-PACE is a national
initiative with renewable energy programs tailored to meet local
market needs. Programs are approved by local government and passed
by state legislature. Then, program carriers like Poppy Bank can
qualify projects and provide the financing. Unlike other project
financing, the borrowed capital from C-PACE projects is repaid over
time via a voluntary tax assessment on the property. The security
provided by the tax assessment, results in long term investments in
building performance and transferability of the payment obligations
to the next property owner when sold. For more information visit
www.poppy.bank/cpace.
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SOURCE Poppy Bank