Hallmark Health System to Upgrade Facilities Thanks to $30 Million MassDevelopment Bond
July 7, 2015
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Gerry DiStefano, Hallmark Health System, Inc., 781-338-7326
MassDevelopment has issued a $30 million tax-exempt bond on behalf of Hallmark Health System, Inc., a community-based nonprofit health care system that serves Boston’s northern suburbs. The organization will use bond proceeds to buy and install medical, surgical, patient monitoring, and computer equipment, as well as other furnishings and fixtures; build, renovate and improve its facilities; and replace equipment such as boilers, fire alarm system devices, the chiller, and the fire pump. Siemens Public, Inc. purchased the bond.
“MassDevelopment is pleased to support Hallmark Health System as the organization upgrades its facilities with the latest technology and equipment,” said MassDevelopment President and CEO Marty Jones. “Boston’s metro north region depends on Hallmark’s centers, including Lawrence Memorial Hospital and Melrose-Wakefield Hospital, and these improvements will enhance Hallmark’s ability to provide state-of-the-art health care for the community.”
Founded more than a century ago, Hallmark Health System includes two acute care hospitals, Lawrence Memorial Hospital of Medford and Melrose-Wakefield Hospital in Melrose. The system also includes the Hallmark Health Medical Center for outpatient care in Reading, Hallmark Health Cancer Center in Stoneham, CHEM Center for Radiation Oncology in Stoneham, CHEM Center for MRI in Stoneham, Hallmark Health VNA and Hospice in Malden, and Hallmark Health Medical Associates.
In 2011, MassDevelopment issued a $15 million lease to Hallmark Health System to help the organization purchase equipment and furnishings. MassDevelopment also issued financing in 2013 on behalf the organization to refinance previous debt.
James Nania, Executive Vice President and Chief Financial Officer commented, “During these uncertain and volatile times for many healthcare providers, we are pleased to be in a position whereby we can leverage our strong balance sheet and, in turn, continue to invest in healthcare services for the communities we serve.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.