TMG Partners secures $172m in C-PACE financing for office building in Oakland
TMG Partners has secured $172 million in Commercial Property Assessed Clean Energy (C-PACE) financing for 300 Lakeside Drive, an office building in Oakland, Calif., that is the headquarters of Pacific Gas & Electric Company (PG&E). The loan was provided by GreenRock Capital, a leading participant in the C-PACE sector, in conjunction with KeyBanc Capital Markets.
The transaction represents the largest C-PACE loan to date on an office property in the United States and the second-largest C-PACE loan on a single property of any type in the country. 300 Lakeside Drive is owned by TMG Partners of San Francisco.
"It’s a landmark transaction on a landmark property that supports transforming 300 Lakeside Drive into a state-of-the-art green building," said Chris Robbins, managing principal at GreenRock Capital. "This financing reinforces our commitment to fostering sustainable development, reducing carbon footprints in commercial properties and providing accretive fina