MassDevelopment has issued a $109 million tax-exempt bond for UMass Memorial Health Care, the largest health care system in central Massachusetts. Proceeds will finance renovations and the purchase of equipment at various hospital campuses. The organization also used bond proceeds to refinance previously issued debt.

UMass Memorial Health Care includes three hospitals: UMass Memorial Medical Center with its Memorial, University and Hahnemann campuses in Worcester; UMass Memorial HealthAlliance-Clinton Hospital with campuses in Clinton, Burbank and Leominster; and UMass Memorial-Marlborough Hospital in Marlborough.

“As the largest health care system in central Massachusetts, UMass Memorial Health Care plays an important role in the commonwealth’s economy,” MassDevelopment President and CEO Lauren Liss said in a statement. “This bond financing will allow UMass Memorial Health Care to make crucial hospital campus upgrades to better serve its patients with the high-quality care for which it is known.”

At UMass Memorial Medical Center’s University Campus, the organization will use bond proceeds to begin work on an MRI project, build an 18-bed medical surgical unit and make other interior renovations. On the Memorial Campus, bond proceeds will fund the renovation of inpatient rooms and employee workspaces, and the replacement of the HVAC, sanitary and water piping systems. Meanwhile, on HealthAlliance-Clinton Hospital’s Leominster Campus, bond proceeds will fund new surgical unit sterile processing operations; 13 new emergency department exam rooms; the expansion and renovation of the parking deck and front of the building, the installation of an emergency power and heat system; the replacement of HVAC systems, sanitary and water piping systems, and the new combined heat and power system that reduces the dependency of electrical power from the local grid.

“Comfort and convenience are very important components in creating a positive patient experience,” Dr. Eric W. Dickson, president and CEO of UMass Memorial Health Care, said in a statement. “These much-needed improvements will ensure that our facilities are on par with any in Massachusetts and will benefit our patients, their families and our caregivers for years to come.”

MassDev Funds UMass Hospital Campus Improvements

by Banker & Tradesman time to read: 1 min