The hospital was closed in 1981. The project calls for thehistoric buildings in the hospital complex to be rehabilitated andfor the non-historic wings of the main hospital building to beremoved in favor of new construction. Wachovia, RBS Citizens, N.A.and the National Electrical Benefit Fund participated in thefinancing transaction, according to Forest City, which provided noother loan details.

The construction financing news comes 18 months after theCleveland-based public company signed the related developmentagreement development agreement with the Presidio Trust.The Trust was established in 1996 to make the Presidio economicallyself-sufficient by 2013.

The Presidio was transferred to the National Park Service andmade part of the Golden Gate National Recreation Area in 1994. Inso doing, Congress mandated a funding model for the Presidio thatrequires it achieve economic self-sufficiency, which led to thecreation of the Presidio Trust two years later. If the Trust cannotachieve self-sufficiency by 2013, it could be liquidated.