Boston Medical Center (BMC) has received $232,415,000 in tax-exempt Sustainability Bonds issued by MassDevelopment. This first-in-the nation bond offering supports the renovation and expansion of existing facilities at BMC’s primary campus in Boston’s South End neighborhood.
Alastair Bell, President and Interim CEO of Boston Medical Center Health System expressed his pleasure with the partnership between BMC and MassDevelopment: “We are pleased to partner with MassDevelopment on this sustainability bond offering for nonprofit health care.”
The Sustainable Bond designation from Kestrel Verifiers is part of BMC’s goal to become carbon net zero by 2030. The bonds were sold through a public offering underwritten by RBC Capital Markets. The proceeds will be used for renovations such as additional beds, upgraded inpatient operating rooms, expanded patient support areas – all contributing to improved healthcare services provided at the hospital facility. MassDevelopment had previously supported BMC back in 2016 – 2017 when they issued close to $220 million dollars worth of tax exempt bonds towards their campus redesign project .
