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Massachusetts Housing Investment Corp. (MHIC) and Bank of America Merrill Lynch (BAML) have provided $16.8 million in financing to add a new surgical center at Lawrence General Hospital (LGH).
MHIC provided $5 million in New Markets Tax Credit allocation, with BAML as the investor, co-CDE and lender providing an additional $11.8 million in New Markets Tax Credit allocation and $6 million in debt. Community-based philanthropy is also helping to finance the project.
LGH is using the funds to build six new operating rooms and a procedure room, related state-of-the-art facilities and space to accommodate future growth. The new $56 million, 46,350-square-foot surgical addition will replace the hospital’s existing operatories, which are 50 years old. Bond Brothers of Everett is the construction management and general contracting company, and MorrisSwitzer of Boston is the architect. A groundbreaking was held for the project late last month.
“Breaking ground for this project marks the official start of the most ambitious capital project in this hospital’s history,“ LGH President and CEO Dianne J. Anderson said in a statement. “The most modern surgical facility in the valley will be in operation here on this site – taking care of our friends and family – within a mere 18 months.”
The new surgical center is a major component of LGH’s Master Facility Plan, which involves modernizing inpatient space at the hospital, upgrading infrastructure, and creating more private patient rooms at a cost of an additional $17 million. The total cost of the renovation and new construction at LGH’s campus is $73 million.
