Boston & New England + Metro Boston + Healthcare | April 25, 2023

MassDevelopment Issues $232M First-in-the-Nation Sustainability Bond

Boston Medical Center (BMC) has received $232,415,000 in tax-exempt Sustainability Bonds issued by MassDevelopment. The bonds will support the renovation and expansion of existing facilities at BMC’s primary campus in Boston’s South End neighborhood.

“BMC is pleased to partner with MassDevelopment in this first-in-the-nation sustainability bond offering in nonprofit health care,” said Alastair Bell, president and interim CEO of Boston Medical Center Health System.

BMC’s goal is to become carbon net zero by 2030, and the bonds received the Sustainable Bond designation by Kestrel Verifiers. The bonds were sold through a public offering underwritten by RBC Capital Markets.

The proceeds will be used to renovate existing floors, add new beds, upgrade inpatient operating rooms, and expand and renovate patient support areas. MassDevelopment previously supported BMC in 2016-2017 by issuing close to $220 million in tax-exempt bonds for its campus redesign project.

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Alastair Bell

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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