MassDevelopment gives $178M to UMass Memorial
MassDevelopment is giving UMass Memorial $178,555,000 for debt refinancing and improvements.
UMass Memorial Health Care will renovate its Worcester hospital campuses, refinance debt, and improve its technical equipment with the help of financing from MassDevelopment.
The state’s finance and development agency announced Tuesday a total of $178,555,000 in financing for the health care system, including a $53,555,000 tax-exempt bond for renovations like office and waiting room upgrades, new pathways and atriums, a new emergency power and combined heat and power system, and HVAC and other sanitary upgrades.
The financing also includes a $75 million tax-exempt lease and $50,000,000 tax-exempt bond to help fund the purchase and installation of an electronic medical record and information management system.
Last year, MassDevelopment issued a $168,750,000 bond to UMass Memorial for new equipment, refinancing, and construction and renovation projects.
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