{"id":1004178234,"date":"2017-05-24T13:05:19","date_gmt":"2017-05-24T21:05:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004178234"},"modified":"2022-12-08T05:52:26","modified_gmt":"2022-12-08T13:52:26","slug":"largest-c-pace-deal-to-fund-ca-medical-center-retrofits","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/largest-c-pace-deal-to-fund-ca-medical-center-retrofits\/","title":{"rendered":"Largest C-PACE Deal to Fund CA Medical Center Retrofits"},"content":{"rendered":"<p>By Ariela Moraru<\/p>\n<div id=\"attachment_1004178235\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Sutton-Medical-Center-Daly-City-Calif..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004178235\" data-attachment-id=\"1004178235\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/largest-c-pace-deal-to-fund-ca-medical-center-retrofits\/sutton-medical-center-daly-city-calif\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Sutton-Medical-Center-Daly-City-Calif.-e1495640205631.jpg\" data-orig-size=\"806,604\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Ariela Moraru&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1495648259&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Sutton Medical Center, Daly City, Calif.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Sutton Medical Center, Daly City, Calif.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Sutton-Medical-Center-Daly-City-Calif.-e1495640205631.jpg?w=806\" class=\"wp-image-1004178235 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Sutton-Medical-Center-Daly-City-Calif.-e1495640205631.jpg\" alt=\"Sutton Medical Center, Daly City, Calif.\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Sutton-Medical-Center-Daly-City-Calif.-e1495640205631.jpg 806w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Sutton-Medical-Center-Daly-City-Calif.-e1495640205631.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Sutton-Medical-Center-Daly-City-Calif.-e1495640205631.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004178235\" class=\"wp-caption-text\">Sutton Medical Center, Daly City, Calif.<\/p><\/div>\n<p>Petros PACE Finance and loan originator CleanFund Commercial PACE Capital Inc. have closed on the largest Commercial Property Assessed Clean Energy (C-PACE) transaction ever completed in the C-PACE market through Renew Financial&#8217;s C-PACE platform. Verity Health System will use the $40 million loan to make mandatory seismic upgrades to Seton Medical Center, an acute-care hospital in Daly City, Calif. Petros contributed half of the loan.<\/p>\n<p><em>\u201cThis is a milestone event in our industry,\u201d <\/em>said Petros CEO Mansoor Ghori in prepared remarks.<em> \u201cThis transaction breaks down barriers and sets a precedent on how C-PACE financing can be used for much larger and more ambitious projects than C-PACE funding has traditionally enabled. In this case, we\u2019re funding a critical seismic project that will allow Seton to continue serving the San Mateo County community for decades to come, and we\u2019re doing it in a way that minimizes additional constraints on the hospital\u2019s budget since it is being financed over 30 years.\u201d<\/em><\/p>\n<p>The California Attorney General requires the <a href=\"https:\/\/www.commercialsearch.com\/news\/restoration-of-bay-area-high-school-kicks-off\/\">seismic upgrades<\/a> to be completed by 2020. The 11-story, 357-bed medical center is located at 1900 Sullivan Ave., just off Interstate 280. Verity Health System will be spared any expenses, thanks to the CalFirst PACE program. The program helps commercial property owners in California make energy efficiency, health and safety retrofits with funding from private lenders and repay it via a special assessment on their local property tax bill. If the property chnages hands before the loan term, the assessment obligation automatically transfers to the next owner. Enabled by state legislation, PACE programs are currently up and running in 32 states and Washington D.C.<\/p>\n<p><em>Image courtesy of Nick Drysdale via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Verity Health System will use the 30-year loan to make mandatory seismic upgrades to Seton Medical Center in Daly City, Calif.<\/p>\n","protected":false},"author":960,"featured_media":1004505985,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21754,21742,1609,21786,15],"tags":[35778,35779,35777,35780,35776],"class_list":["post-1004178234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-medical-office","category-latest","category-san-francisco","category-sustainability","category-west","tag-cleanfund-commercial-pace-capital","tag-pace","tag-petros-pace-finance","tag-renew-financial","tag-seismic-retrofits"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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