MassDevelopment has issued a $20 million tax-exempt lease on behalf of Southcoast Hospitals Group, which includes three nonprofit community hospitals – Charlton Memorial Hospital in Fall River, St. Luke’s Hospital in New Bedford and Tobey Hospital in Wareham.

Southcoast will use lease proceeds to purchase medical equipment, including CT scanners, an MRI machine, ultrasound equipment, patient beds, and surgical and exam lights. Bank of America Public Capital Corp. purchased the lease.

"Given the importance of the healthcare sector to our economy, MassDevelopment takes pride in this innovative financing option that provides cutting-edge technology to the Commonwealth’s hospitals," said MassDevelopment President and CEO Marty Jones. "Southcoast Hospitals Group, with multiple locations and advanced clinical services, is the right type of business to benefit from this low-cost financing."

Southcoast Health System is a community-based health delivery system with multiple access points, offering an integrated continuum of health services throughout Southeastern Massachusetts and East Bay, Rhode Island. Southcoast provides advanced clinical services, such as open heart surgery, angioplasty and heart rhythm services, comprehensive cancer care, neurosurgery, weight loss surgery, orthopedic surgery, advanced imaging services and is the only provider of maternity services in the region.

"The low-cost financing available through MassDevelopment provides Southcoast with an alternative source to continue to provide the most current technological advances in medical equipment to our patients," said William E. Grigg, executive vice president and chief financial officer at Southcoast Health System.