Bay Area Hospital
Seismic Retrofit to Bay Area Acute Care Hospital
CleanFund secured $40 million in PACE financing for seismic upgrade to the Seton Medical Center campus, the key acute care facility in Daly City, California. CleanFund worked with the hospital’s owner, Verity Health Systems, to finance critical health and safety improvements. The proceeds will allow the hospital to make upgrades to meet California’s mandatory Hospital Facilities Seismic Safety Act (SB1953).
In addition to traditional bond financing, Seton Medical Center needed to raise further capital to fund the state-mandated seismic upgrades.
PACE offered long-term, competitive, fixed-rate financing, similar to the traditional tax-exempt debt that hospitals often use for infrastructure investments.
Largest PACE financing to-date, providing a public safety benefit and ensuring local acute healthcare services will be available to the community for years to come.