The CounterpointeSRE Program announced that it has closed $10.9 million in C-PACE (Commercial Property Assessed Clean Energy) financing for the LA Downtown Medical Center (LADMC) in Los Angeles, California, as the 116-bed acute care hospital and behavioral health center upgrades its facilities.
LAMDC’s use of C-PACE marks a growing trend of acute care hospitals and other healthcare properties utilizing the program to finance measures designed to improve efficiency.
“This transaction marks the third hospital that CounterpointeSRE has helped finance improvements that reduce energy and water consumption in 2021 despite the financial pressures of the pandemic,” stated Eric Alini, managing partner of CounterpointeSRE.
The energy efficiency projects being financed for the Los Angeles Downtown Medical Center (LADMC) medical campus include modernization of elevators, multiple HVAC energy efficiency projects, a new standby emergency generator as well as expansion of existing space to create a larger, upgraded Behavioral Health Center.
CounterpointeSRE is Program Administrator for the California Statewide Communities Development Authority (CSCDA), an organization founded in 1988 and sponsored by the League of California Cities and the California State Association of Counties to provide an effective tool for the financing of public benefit projects. Financing was provided through the issuance of a municipal bond through the CSCDA’s Open PACE program with work being performed by B. R. Building Resources Company of Glendora, CA, general contractor and Registered Professional with the CounterpointeSRE Program.
PACE can play an important role in allowing institutions access to the equity that had been previously used for capital expenditures as well as reducing operating costs through new projects that reduce utility expenses. C-PACE has drawn the attention of healthcare CFOs managing capital improvement budgets. CounterpointeSRE reports having provided $125 million in capital to healthcare properties since 2019. Beyond use by healthcare, PACENation reports over $2 billion invested in all commercial properties through PACE financing.
