BOSTON — MassDevelopment has issued approximately $865.5 million in tax-exempt bonds on behalf of Mass General Brigham to support a series of health care expansion and modernization projects across Boston, officials said.
The bonds, which were sold through a public offering led by J.P. Morgan Securities, will fund new construction, campus redevelopment, equipment purchases, and the refinancing of existing debt.
A significant portion of the proceeds will support the construction of a new 482-bed facility on the main campus of Massachusetts General Hospital at 55 Fruit St. in Boston. The building will focus primarily on oncology and cardiovascular care. Construction is underway, with the project expected to open in phases between 2027 and 2030.
Additional funding will be used to redevelop the campus of Brigham and Women’s Faulkner Hospital in the Jamaica Plain neighborhood. Plans for that site include a five-story addition to the existing hospital, new medical equipment, and upgrades to parking facilities.
State and local officials said the financing will support the continued growth of Boston’s health care infrastructure. Eric Paley, Massachusetts Secretary of Economic Development and chair of MassDevelopment’s board, said the investment reflects the state’s leadership in health care. Michelle Wu, mayor of Boston, said the projects will help hospitals expand capacity and modernize facilities while advancing medical research and patient care.
MassDevelopment President and CEO Navjeet Bal said the bond issuance will help sustain Mass General Brigham’s long-term growth and investment in its Boston campuses.
Mass General Brigham operates a network of hospitals, outpatient centers, and research institutions, and serves as a teaching affiliate of Harvard University’s medical and dental schools. The system also provides a range of insurance products and health services across Massachusetts.
Debra Sloan, senior vice president for treasury at Mass General Brigham, said the financing will support projects aligned with the organization’s mission, including patient care, research, education, and community health.
