NFF Invests in HealthRIGHT 360’s New “Home for Health”
March 23, 2016 — Nonprofit Finance Fund (NFF) is pleased to provide $8.5 million in financing to HealthRIGHT 360 to help the San Francisco-based health care agency construct a new headquarters. The “Home for Health,” a five-story center that will house multiple health care and social services in one central and accessible location, will bring a major benefit to clients who have intersecting health issues and will be able to address them under one roof. Participating lenders in NFF’s term loan include Northern California Community Loan Fund, Primary Care Development Corporation, and Dignity Health. The loan is part of a $52.8 million New Markets Tax Credit financed project with multiple capital partners, including Enterprise Community Investment, Corporation for Supportive Housing, and Bank of America.
“The new multi-service center will transform service delivery by integrating services for at-risk clients under one roof,” said David Crawford, CFO of HealthRIGHT 360. “In NFF we found a partner who not only shares our goal of helping vulnerable communities but who also worked diligently with us to create a customized financing solution for a complex project. We are thrilled to move forward and look forward to finishing construction on this community resource.”
“The new health center is an investment in the well-being of our community and we’re happy to have partners like Nonprofit Finance Fund advance this mission to ensure better health care for all San Franciscans,” said Barbara Garcia, Director of Health at the San Francisco Department of Public Health.
Created from the merger of the historic Haight Ashbury Free Clinics and Walden House, both national models of community health care, HealthRIGHT 360 serves the community’s most vulnerable members with dignity. “Health Care is a Right, Not a Privilege” is HealthRIGHT 360’s guiding principle, which it takes to heart while providing primary medical, mental health, and substance use disorder treatment in residential and outpatient settings to over 27,000 individuals per year. Many of HealthRIGHT 360’s clients struggle with mental health and substance abuse issues, and the organization serves everyone regardless of clients’ ability to pay.
Construction at 1563 Mission Street is expected to finish in February 2017. When the headquarters is complete, it will provide primary medical and chronic disease treatment, dentistry, mental health services, substance use disorder treatment, resource and re-entry services (housing, employment, education, computer literacy, and wellness) and a pharmacy.
In addition to its $8.5 million term loan, NFF also made a $3 million bridge loan earlier this year, which was critical in allowing HealthRIGHT 360 to proceed with construction and helping to keep the project on time and within budget in advance of closing.
Visit HealthRIGHT 360’s website for more information about the project.