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Berkshire Medical Center Renovates, Acquires Equipment, Land With $84.5 Million MassDevelopment Bond

October 9, 2012

Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Michael Leary, Berkshire Medical Center, 413-447-2788

MassDevelopment has issued $84,490,000 in tax-exempt bonds on behalf of Berkshire Medical Center (BMC), Inc., the flagship hospital of Berkshire Health Systems in Pittsfield. The hospital used a portion of bond proceeds to renovate parts of its campus, including inpatient and outpatient care, and laboratory and administrative space. Part of the bond proceeds also financed infrastructure upgrades, medical and nonmedical equipment, and the acquisition of a building and land that became a urology and incontinence clinic. BMC also used bond proceeds to refund previous bonds, which had helped build and equip an ambulatory surgery center. Work on the project created about 30 construction jobs.

“By accessing tax-exempt financing, the award-winning Berkshire Medical Center could save money, improve its facilities, and lay the groundwork for a new clinic,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is pleased to help the Commonwealth's hospitals expand their services, reaching more patients and creating more good jobs.”

BMC is the region’s leader in neurosurgery, stroke patient care, diagnostic imaging, endoscopy, and general surgery. BMC has the area's only trauma center. The 302-bed community hospital has been honored nationally by the American Heart Association, American College of Surgeons Commission on Cancer, American College of Radiology, and other national associations for its commitment to quality patient programs such as cancer care, cardiology, advanced women’s imaging, and bariatric surgery. BMC is a teaching hospital affiliated with the University of Massachusetts Medical School.

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.