Financing Secured For Downtown Utica Hospital
Mohawk Valley Health System has closed on the necessary financing to fund the new downtown Utica hospital project.
MVHS officials say the loan is being financed through Barclays, a multinational investment bank.
The cost projection for the regional healthcare campus is estimated to be $480 million.
The State Health Department awarded MVHS a $300 million grant. The remaining $180 million will come from MVHS capital, this financing and fundraising.
In April, MVHS received approval for its Certificate of Need application for the construction of the new healthcare campus from the NYSDOH Public Health and Health Planning Council. The approval came with some contingencies.
One of the contingencies was securing financing for the remainder of the project. The closing on the financing has now satisfied that contingency.
“We are extremely pleased to finalize this important part of the project,” said Scott Perra, president/CEO of MVHS. “Securing this financing not only gives us the financial security to complete this transformational project in downtown Utica, but it satisfies one of the CON contingencies which is vital to moving the project forward.”