CleanFund, Petros and Renew Financial collaborate to provide critical seismic improvements to Seton Medical Center
DALY CITY, CA (May 23, 2017) – Today, CleanFund Commercial PACE Capital, Petros PACE Finance, and Renew Financial
completed funding for $40 million of seismic upgrades to the Seton Medical Center, owned by Verity Health Systems, in Daly City, CA. This project is the largest PACE financing in history, quadrupling the previous record of $10 million on a single project.
Renew Financial administered the project through the CaliforniaFIRST PACE Program. CleanFund originated the transaction, bringing in PETROS and each provided $20 million to fund the critical safety improvements, which will allow the building to meet California’s mandatory Hospital Seismic Safety Act (SB 1953).read more