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Rockland Trust Co. has provided financing for a project that will expand the surgical space at Gardner’s Heywood Hospital to more than 44,000 square feet.
Rockland Trust said in a statement that it led a $29 million financing package with Fidelity Bank to Needham-based Waterstone Properties Group for the construction of a section of Heywood Hospital known as the surgical pavilion. The financing package was arranged by Cornerstone Realty Capital.
“It is an absolute pleasure working on this remarkable project with Waterstone Properties and Heywood Hospital,” Sean McKenna, vice president and commercial loan officer at Rockland Trust, said in the statement. “The investment and development of the Surgical Pavilion will support the integration of new surgical technologies and continue to advance the hospital’s mission of delivering accessible and high-quality healthcare to the community.”
Heywood Hospital provides surgical services to residents of North Central Massachusetts, North Quabbin and Southern New Hampshire. The hospital averages 7,000 procedures annually, the statement said.
The surgical space was originally built in the 1960s and will expand to approximately 44,420 square feet once construction is complete. The space will include six operating rooms, a unit for preoperative and postoperative care, a patient preparation and recovery area and a staff support space.
Waterstone also plans to develop a site to house a new MRI for Shields Health Care Group, the statement said.
“Heywood Hospital is anchor institution for the community and this upgrade will help the hospital provide critical services and continue to be a vital resource in Gardner,” Josh Levy, principal at Waterstone Properties, said in the statement. “Heywood Hospital and Waterstone have a shared vision for the future of community-based care, and we appreciate Rockland Trust’s support and partnership to ensure we can deliver this vital upgrade.”
Construction began in May, and the hospital has targeted April 2024 to open the surgical pavilion.
Editor’s Note 1:45 p.m., Oct.14, 2022: This article has been updated with additional information from Rockland Trust about participants in the financing package.
