The CMFA Issues $18,000,000 in Tax-Exempt Financing for San Francisco Art Institute

The proceeds of the Bonds will be used to finance and refinance all or a portion of the acquisition, construction, improvement and equipping of certain educational facilities located in the City of San Francisco, California at 800 Chestnut Street in the City and at Herbst Pavilion, 2 Marina Boulevard in the City (collectively, the “SFAI Project”) and prepay and retire all of the outstanding loans made to the SFAI by Shanghai Commercial Bank, the proceeds of which loans previously financed and refinanced all or a portion of the SFAI Project.

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