Press Release | Oct 16, 2019
SAN FRANCISCO, CA October 16, 2019 — Today, CleanFund Commercial PACE Capital, Inc. (“CleanFund”) announced funding $36 million in Commercial Property Assessed Clean Energy (“C-PACE”) for seismic and other improvements to Chinese Hospital, the key acute care facility serving San Francisco’s Chinatown district.
Chinese Hospital is a 148,000 SF, 88-bed hospital with a large footprint on Jackson Street. As a community-owned, not-for-profit healthcare organization, existing to provide affordable quality care to the low-income immigrants and seniors in the community, Chinese Hospital had limited access to capital needed to make vital improvements to the building.
Joe Euphrat, Managing Director at CleanFund explained, “Certain capital needs often don’t take precedence over clinical needs, so when the elevator bank continues to get older, the HVAC needs replacing, or seismic upgrades need to be made, many hospitals without ready access to capital are forced to defer maintenance and building improvement projects.”
With more awareness on the flexibility and availability of C-PACE financing, more hospitals, and health-care facilities are looking to CleanFund when it comes time to execute larger renovation and new construction projects.
“CleanFund provided a win-win financing solution at a critical time during our development plan. The financing enabled the continued build-out of the campus, as well as expand clinical services to meet the healthcare needs of the community,” said Jian Zhang, CEO of Chinese Hospital.
Dean O’Brian, Health Facility Construction Financing Officer at Cal-Mortgage said, “CleanFund provided critical financing required to help Chinese Hospital meet its strategic initiatives.”
CleanFund continues its leadership funding large C-PACE transactions by using its significant structuring expertise for large and multi-source capital stacks to close on ever-larger sums of C-PACE project capital. “We‘re happy to support Chinese Hospital and the community it serves. We are excited to see larger C-PACE transactions as more borrowers realize the far-reaching benefits of C-PACE,” adds Lain Gutierrez, CEO of CleanFund.