Bay Area Hospital

$40 Million   |   30 Year Term   |   Seismic Retrofit

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).

The Challenge
In addition to traditional bond financing, Seton Medical Center needed to raise further capital to fund the state-mandated seismic upgrades.

The Solution
PACE offered long-term, competitive, fixed-rate financing, similar to the traditional tax-exempt debt that hospitals often use for infrastructure investments.

The Result
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.
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Stephen Forney
Stephen Forney Chief Financial Officer

“PACE met both the requirements of obligations under the Master Trustee as well as our own financing criteria. We appreciated that PACE was the best choice in providing long-term financing for Seton’s seismic upgrades.”