Lawrence, MA – MassDevelopment has issued a $65.66 million tax-exempt bond for Lawrence General Hospital, an acute care community hospital serving the Merrimack Valley. Proceeds will be used to make interior and exterior renovations to its campus, including renovating its existing pharmacy, upgrading its boiler plant, and revamping its parking lot.
The hospital will also use proceeds to buy and install a generator, cooling and heating systems, HVAC units, and steam radiator replacements; replace its electronic medical record system; and refinance previously issued debt.
Lawrence General Hospital has served the Merrimack Valley for nearly 140 years. The hospital has a 24-hour emergency department and Level III Trauma center; birthing and pediatric centers; women’s health, cardiac, and primary stroke services; a community cancer program; and a sleep center. It works with Beth Israel Deaconess Medical Center and Tufts Medical Center’s Floating Hospital for Children.
“Lawrence General Hospital provides the Merrimack Valley with high-quality, patient-centered care and is committed to improving the health of the people and communities it serves,” said MassDevelopment President and CEO Lauren Liss. “We are proud to provide this tax-exempt bond financing to the hospital as it updates its facilities and equipment.”
“These are times of great change for health care, from technological, to regulatory, to financial. What does not change is our obligation to care for all those patients who come to us with illness and injury. Finding affordable sources of capital is a critical strategy that allows us to continue to modernize and stay current with technologies that make care safer and more efficient for our patients,” said Lawrence General Hospital Chief Financial Officer Felix Mercado.