MassDevelopment has issued a $168.7 million tax-exempt bond on behalf of UMass Memorial Health Care Obligated Group, which is using bond proceeds to finance equipment, construction, and renovation projects at multiple hospitals in central Massachusetts.
“These renovations are for the benefit of our patients and caregivers and are an integral part of our strategic plan and efforts to become the best place to give care and the best place to get care,” said Eric Dickson, MD, president and CEO of UMass Memorial Health Care.
At the university campus, UMass Memorial will use bond proceeds to build a 24-bed observation and admission unit and a 10-station dialysis center. The organization will also redevelop the former dialysis space into a private step-down unit.
Planned projects at the Memorial campus include building a public corridor and atrium to connect two primary patient visitor entry points.
The Leominster and Fitchburg campuses will also receive an emergency power and combined heat power system. Bond proceeds will also cover capital improvements at UMass Memorial’s various locations.
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Four hospitals make up UMass Memorial Health Care: UMass Memorial Medical Center with its Memorial, University and Hahnemann Campuses in Worcester; UMass Memorial-Clinton Hospital in Clinton; UMass Memorial-HealthAlliance Hospital in Leominster and Fitchburg; and UMass Memorial-Marlborough Hospital in Marlborough.
“MassDevelopment is pleased to help UMass Memorial access low-cost funding as the organization renovates several locations, keeping the Commonwealth on the leading edge of health care,” said MassDevelopment President and CEO Marty Jones, “With new equipment and medical spaces, these hospitals will continue to deliver excellent medical care and treatment.”
Dickson said “The remarkable financial turnaround that has enabled us to make this significant investment – under very favorable conditions – is a credit to the hard work of our people.”
