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MassDevelopment Tax-Exempt Lease Helps Hallmark Health Buy Medical, Surgical Equipment

March 7, 2011

Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077
Rick Pozniak, Hallmark Health System, 781-979-3247

MassDevelopment has issued a $15 million tax-exempt lease on behalf of Hallmark Health System, a community-based nonprofit health care system for Boston's northern suburbs. The organization will use lease proceeds to buy various medical, surgical, and patient-monitoring equipment. Proceeds will also help fund ventilation and computer equipment, computer hardware and software, and other furnishings and renovations. Bank of America Public Capital Corp. purchased the lease.

“Hallmark Health takes pride in using the latest technologies to provide the finest patient care, and this tax-exempt financing will make these advances more affordable,” said MassDevelopment President and CEO Robert L. Culver. “The healthcare sector plays a major role in the Commonwealth’s innovative economy, and MassDevelopment will continue to invest in quality medical care.”

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.

“Hallmark Health was pleased to partner with MassDevelopment on this tax-exempt lease,” said James Nania, Senior Vice President and Chief Financial Officer for Hallmark Health. “The lease will be used to add the latest technologies and medical advancements to our health system so our patients do not have to travel far from home for excellent medical care.”

MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.