MassDevelopment Issues $65M Tax-Exempt Bond

NEC Member MassDevelopment recently issued a $65.6 million tax-exempt bond for Lawrence General Hospital, an acute care community hospital serving the Merrimack Valley region in Massachusetts.

The bond proceeds will be used to renovate the campus’ interiors and exteriors and its existing pharmacy, as well as to upgrade its boiler plant and revamp its parking lot. The hospital also plans to use the funds to buy and install a generator, cooling and heating systems, HVAC units, steam radiator replacements, as well as replace its electronic medical record system and refinance previously issued debt.

MassDevelopment President and CEO Lauren Liss—a member of The New England Council’s Board of Directors—said, “We are proud to provide this tax-exempt bond financing to the hospital as it updates its facilities and equipment.” Lawrence General Hospital Chief Financial Officer Felix Mercado added, , “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.”

For FY2017, MassDevelopment has financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy and are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.

The New England Council applauds MassDevelopment for its track record in helping institutions like Lawrence General Hospital get the resources they need to serve their communities. Read more in MassDevelopment’s press release or in The Boston Globe.

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