MassDevelopment

MassDevelopment Bond Helps Finance Facility Improvements for Mass. Eye and Ear

August 8, 2016


FOR IMMEDIATE RELEASE

Contacts:
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
mquackenbush@massdevelopment.com

Suzanne Day, Mass. Eye and Ear, 617-573-3897
suzanne_day@meei.harvard.edu

MassDevelopment has issued a $70,394,000 tax-exempt bond on behalf of Massachusetts Eye and Ear (Mass. Eye and Ear), an acute-care hospital in Boston that specializes in treating disorders of the eyes, ears, nose, throat, head and neck. Mass. Eye and Ear is using bond proceeds to finance exterior building, office and common area renovations, energy conservation and fire systems repairs, and wastewater monitoring and security system upgrades. The hospital is also using bond proceeds to renovate, reconfigure and expand floors, update its emergency department and elevators, renovate its ophthalmology and otolaryngology outpatient clinics, and upgrade a computerized tomography unit. Citizens Funding Corp., Middlesex Savings Bank, and Eastern Bank purchased the bond and Mass. Eye and Ear expects to create 100 jobs as a result of the project.   

“The Commonwealth’s health care economy is unmatched in its expertise, innovation and world-class hospitals,” said MassDevelopment President and CEO Marty Jones. “We’re pleased this bond will help Mass. Eye and Ear upgrade its facilities and continue providing patients with the utmost care, ensuring that it remains at the forefront of its industry.” 

Founded in 1824 as a one-room clinic in Boston’s Scollay Square, the Boston Eye Infirmary cared for vision problems of Boston’s neediest citizens. Through nearly two centuries, it has grown to include ear, nose and throat, head and neck care, changing its name to Massachusetts Eye and Ear Infirmary. In the late 1800s it became the primary teaching affiliate of Harvard Medical School in its specialties. The hospital’s main campus is in downtown Boston and there are 17 patient care sites throughout greater Boston. Mass. Eye and Ear is also home to the world’s largest private vision and hearing research centers. 

“This investment in our infrastructure and equipment will not only help Mass. Eye and Ear continue to serve the growing needs of our patients, it will also allow us to find new treatments and cures for blindness and deafness,” said CarolAnn Williams, Mass. Eye and Ear Chief Financial Officer and Vice President of Administration and Finance. “This bond helps us to achieve those goals.” 

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.