Maimonides Medical Center has closed on a $141-million bond-financing deal to expand and modernize key parts of its campus in Brooklyn’s Borough Park, Crain’s New York Business reported.
The financing, secured through a partnership with the U.S. Department of Housing and Urban Development, will fund tens of thousands of square feet of new emergency care space and upgrades to intensive-care units.
In addition to enlarging its traditional emergency space from 30,000 square feet to more than 75,000 square feet, Maimonides will use the financing to construct a standalone pediatric emergency department and expand its neonatal intensive-care unit from 31 bassinets to 48.
Maimonides partnered with HUD and the New York State Dormitory Authority on the financing. Kenneth Gibbs, the hospital’s president and CEO, told Crain’s the move was a rate-based decision, which is expected to save the hospital millions of dollars over the life of the loan.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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