Tax-Exempt Bond Issued to Help Hospital Expansion

Rendering of the new emergency department at Tobey Hospital // photo courtesy of Southcoast Hospitals Group

Boston – MassDevelopment has issued an $83,010,000 tax-exempt bond on behalf of Southcoast Hospitals Group, Inc. (SHG), a health care organization comprised of Charlton Memorial Hospital in Fall River, St. Luke’s Hospital in New Bedford, and Tobey Hospital in Wareham.

Southcoast is using bond proceeds to fund several planned and ongoing capital projects, including building and equipping a 30,126sf emergency department at Tobey Hospital; building a two-story addition to a parking garage at Charlton Memorial Hospital; building and renovating space for clinical care, ancillary support, mechanical and HVAC support, as well as laboratory and administrative facilities at St. Luke’s Hospital; purchasing needed equipment; and completing an array of additional projects. The organization is also using proceeds to fund reimbursements for previous capital expenditures and to refinance previously issued debt.

“The Baker-Polito Administration is proud that Massachusetts is home to so many first-rate hospitals and health care organizations,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “MassDevelopment’s financing solutions make it easier for these institutions to move forward with upgrades and expansions to better serve those in their care.”

Southcoast Hospitals Group’s three hospitals, Tobey Hospital, Charlton Memorial Hospital, and St. Luke’s Hospital, merged in 1996. Together, they collectively provide 804 beds including 772 medical/surgical beds, 32 rehabilitation beds, and 65 bassinets. In addition to its three hospitals, SHG offers outpatient rehabilitative and therapy centers, a women’s center, outpatient oncology centers, and primary and specialty care physician services.