High-Profile: June 2026 | Page 20

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High-Profile Focus: Healthcare Facilities June 2026

$ 866M in Bonds Issued for MGB Project UMass Memorial Health Project Tops Off

Boston – MassDevelopment has issued $ 865,515,000 in tax-exempt bonds on behalf of Mass General Brigham Incorporated( MGB) to expand and improve its health care facilities, enabling the organization to expand its services and enhance patient care. J. P. Morgan Securities, serving as the lead underwriter, sold the tax-exempt bonds through a public offering.
MGB is using bond proceeds to build a 482-bed health care facility focused largely on oncology and cardiovascular services at 55 Fruit St. on Mass General Hospital’ s main campus in Boston. Construction of the new building is underway with the facility opening in two phases between 2027 and 2030. Additionally, MGB is using bond proceeds to redevelop Brigham and Women’ s Faulkner Hospital campus, located at 1153 Centre St. in Boston’ s Jamaica Plain neighborhood. This redevelopment project includes building a 5-story addition to the hospital’ s existing facility, buying new equipment, and building and renovating garage facilities. The organization is also using bond proceeds to refinance previously issued debt.
“ Massachusetts is fortunate to lead the nation in health care and that’ s because we are home to world-renowned hospitals like Mass General Brigham,”
The Ragon Building, a new 482-bed health care facility located on Mass General Hospital’ s main campus Rendering courtesy of Mass General Brigham
said Economic Development Secretary Eric Paley, who serves as chair of MassDevelopment’ s board of directors.“ MassDevelopment is proud to support Mass General Brigham with access to tax-exempt financing as it expands its footprint in Boston.”
“ We appreciate MassDevelopment’ s support on our 2026 bond sale,” said Debra Sloan, senior vice president for treasury, MGB.“ The campus revitalization projects financed in part by these bonds will help MGB deliver on our four-part mission: to provide exceptional patient care, to drive innovation through groundbreaking research and discovery, to educate the next generation of health care professionals, and to improve the health of the communities we serve.”
Beam placement
Groton, MA – STV and UMass Memorial
has coordinated with municipal officials
Health recently marked a construction
and
emergency
responders
to
help
milestone with the placement of the final structural steel beam for the new UMass
inform facility requirements, operational needs and regional response priorities.
Memorial
Medical
Center
Satellite
Construction began last October.
Emergency Facility at Nashoba Valley.
Working in close coordination with UMass Memorial Health, STV is serving as owner’ s project manager for the 18,500sf facility. Project team members and construction partners participated in the beam placement, which marks the completion of the building’ s primary structural framework and enables the project team to advance into interior build-out and systems installation.
“ Reaching this point keeps the project on track to restore critical emergency services for the region,” said Christopher
Andersen, senior project manager in the program management and construction management( PM / CM) group at STV.
“ Every decision is being made with the goal of supporting clinicians and first responders who rely on this facility to serve their communities.”
The satellite emergency facility is being developed following the 2024 closure of Nashoba Valley Medical
The facility is designed to include 11 exam rooms, two treatment bays, a trauma room, an airborne infection isolation room and on-site imaging capabilities. The program also includes a rapid response laboratory and a helipad to support emergency transport, with the building designed to accommodate future expansion as community needs evolve.
As owner’ s project manager, STV is overseeing coordination among design consultants, contractors and regulatory agencies, helping manage a fast-track delivery approach while supporting schedule management, site infrastructure integration and compliance with Massachusetts
Department of Public Health standards and applicable stretch energy code requirements as construction continues.
With structural steel now complete, work is progressing on exterior enclosure, interior framing and installation of mechanical, electrical and plumbing
Center.
Throughout
planning
and
systems.
Substantial
completion
is
construction, UMass Memorial Health
anticipated for early 2027.
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