South Shore Hospital Expands With MassDevelopment Bonds
July 18, 2016
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
Sarah Darcy, South Shore Health System, 781-624-8970
MassDevelopment has issued two tax-exempt bonds totaling $137,245,000 on behalf of South Shore Hospital, Inc., a regional health care system in South Weymouth. The hospital is using bond proceeds to build a new critical care unit, renovate an existing building to make room for more beds, upgrade information technology and HVAC systems, and to make interior, lighting and landscaping improvements. South Shore Hospital is also using bond proceeds to refund and refinance previous debt. The hospital expects the projects to create 233 hospital jobs.
“These bonds will allow South Shore Hospital to make needed improvements to its hospital campus and add more than 200 jobs to the Weymouth area,” said MassDevelopment President and CEO Marty Jones. “We’re proud to support the growth of this hospital and medical centers across the Commonwealth, which provide essential health services to their communities and serve as one of Massachusetts’s most important economic sectors.”
South Shore Hospital is part of South Shore Health System, Inc., a nonprofit health system comprised of South Shore Hospital, South Shore Medical Center, South Shore NeuroSpine, South Shore VNA, Health Provider Services Organization and South Shore Health System Foundation. South Shore Hospital provides acute medical, surgical, critical, obstetrical, gynecological, pediatric, cardiac and cancer care to the 725,000 residents of southeast Massachusetts. Its 900-member medical staff represents all leading medical specialties, and it employs 4,000 total people who are supported by 700 volunteers. It was ranked among the top 10 Massachusetts hospitals in 2015 by U.S. News & World Report, and named a top place to work by The Boston Globe. South Shore Hospital has also been designated a Magnet hospital by the American Nurses’ Credentialing Center.
“Our region is expanding, and our communities increasingly look to South Shore Hospital, as a part of South Shore Health System, for guidance—not only to stay healthy, but also to provide the highest level critical care at the most critical moments,” said South Shore Hospital President and COO Joe Cahill.“MassDevelopment has been an essential partner in helping us meet the health and wellness needs of those living in our region.”
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.