Developer receives $29M in financing for Heywood Hospital expansion

Image | Courtesy Rockland Trust A rendering of surgical pavilion expansion at Heywood Hospital in Gardner

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By Timothy Doyle

Rockland Trust has provided $29 million in financing to Waterstone Properties Group of Needham, for the construction of a surgical pavilion expansion at Heywood Hospital in Gardner.

When complete, the surgical pavilion will contain approximately 22,000 square feet, including six operating rooms, two minor procedure rooms, two endoscopy rooms, a post-anesthesia care unit, patient preparation and recovery area, and staff support space, according to the hospital’s website.

The project was approved by the Massachusetts Public Health Council in November, and construction was announced to begin in March and began in May.

There has been a significant increase in demand for surgeries across the state resulting in lengthy wait lists, according to a Tuesday press release from Rockland Trust. The hospital aims to open the pavilion by April 2024.

Waterstone Properties Group owns 300 properties nationwide, including a 162,000-square-foot medical-and-office facility at 50 Technology Drive in Westminster.

Rockland Trust, a bank headquartered in Rockland, has 125 offices in Massachusetts, including eight in Worcester County, and controls $20 billion in assets, according to the Federal Deposit Insurance Corp.