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BK’s Maimonides Closes on $141M Expansion Financing

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.

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Inside The Story

Read more atCrain’s New YorkConnect With Maimonides’ Gibbs

About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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