International law firm Nixon Peabody LLP announced on 6/30/2009 that Baystate Medical Center in Springfield, MA, recently closed a $70 million new markets tax credit (NMTC) transaction. Nixon Peabody LLP served as counsel for the Baystate Medical Center.
The funding was in connection with Baystate’s “Hospital of the Future” project which had a total development cost projected to be over $250 million. The additional funds to complete this project were raised through the sale of $216 million in tax exempt bonds issued on June 25, 2009, by Massachusetts Health and Educational Facilities Authority (MHEFA). In 2008, the firm acted as counsel in a similar NMTC transaction for Boston Medical Center which also applied $70 MM of NMTC’s to leverage over $200 MM of tax exempt bonds to finance a new Ambulatory Care Center.
Baystate Medical Center Uses NMTCs to Finance "Hospital of the Future"