$866M in Bonds Help Fund Mass General Brigham Expansion

MassDevelopment has issued $865,515,000 in tax-exempt bonds on behalf of Mass General Brigham Incorporated (MGB) to expand and improve its healthcare facilities. J.P. Morgan Securities, serving as the lead underwriter, sold the tax-exempt bonds through a public offering.

MGB is using bond proceeds to build a 482-bed facility focused largely on oncology and cardiovascular services at 55 Fruit St. on Mass General Hospital’s main campus in Boston. Construction of the new building is underway, with the facility opening in two phases between 2027 and 2030.

Additionally, MGB is using bond proceeds to redevelop Brigham and Women’s Faulkner Hospital campus, located at 1153 Centre St. in Boston’s Jamaica Plain neighborhood. This redevelopment project includes building a five-story addition to the hospital’s existing facility, buying new equipment, and building and renovating garage facilities. The organization is also using bond proceeds to refinance previously issued debt.

“Massachusetts is fortunate to lead the nation in health care and that’s because we are home to world-renowned hospitals like Mass General Brigham,” said Economic Development Secretary Eric Paley, who serves as chair of MassDevelopment’s board of directors. “MassDevelopment is proud to support Mass General Brigham with access to tax-exempt financing as it expands its footprint in Boston.”