Maimonides Hospital Obtains $142M Financing for Expansion of Boro Park Campus

Maimonides Medical Center has secured a $141 million bond-financing deal to expand and improve significant portions of its Borough Park campus. Photo Credit: Wikipedia

By: Hadassa Kalatizadeh

Maimonides Medical Center has secured a $141 million bond-financing deal to expand and improve significant portions of its Borough Park campus.  As reported by Crain’s NY, the financing was attained, at a low-interest rate, through a partnership with the U.S. Department of Housing and Urban Development.  It will fund tens of thousands of square feet of space for a new emergency care unit as well as modernizing intensive-care units.  The capital will bring extensive new expansions and state-of-the-art upgrades to the facility, and notably add Brooklyn’s first standalone pediatric emergency room.

“As Brooklyn’s largest and most advanced tertiary care provider, Maimonides takes seriously our responsibility to keep pace with and exceed the latest standards for excellence in the delivery of care,” said Kenneth D. Gibbs, President and CEO of Maimonides Medical Center, in a statement. “Combined, these projects will substantially enrich the patient and family experience and ensure that Maimonides remains at the forefront of medical care.”

As reported by the Brooklyn Paper, the ground floor of the Administration Building on Tenth Avenue will be the home of the new children’s facility, providing dedicated specialists to attend to Brooklyn’s youth.  Maimonides Medical Center, already Brooklyn’s largest hospital, is also slated for a 150 percent expansion to the existing emergency department on Fort Hamilton Parkway.  This will include the expansion of the neonatal intensive care unit, and  relocation of the cardiac catheterization laboratory to a larger space.  Structural enhancements will also be made to the cardiothoracic intensive care unit. “It’s essential that our facilities match the well-established expertise of our doctors. All of our patients and their loved ones will benefit from the enhanced experience across each care setting.” Gibbs said.

The expansion is slated to start in the Fall and expected completion is estimated for 2023. The project’s start overlaps with the opening of a new seven-story Maimonides Doctors Pavilion, in which patients will visit their Maimonides’ physicians for appointments, on the western end of the Ninth Avenue campus.

Gibbs said that the low interest funding will help the hospital save millions of dollars throughout the life of the loan. “It’s exciting to see the medical center investing in the future of healthcare in Brooklyn,” said Gibbs. “By working with HUD and the Dormitory Authority of the State of New York, we have been able to secure a very low interest rate so that we can invest more resources into patient care and provide our medical professionals with the latest tools and the most advanced spaces from which to work. We look forward to welcoming our patients and their families into our thoroughly modern facilities in the months and years to come.”