$31,160,000 Build NYC Resource Corp Tax-Exempt Revenue Bonds (Richmond Medical Center)

Overview

Size $31,160,000
Client & Transactional Partners Richmond University Medical Center
Our Role Sole Manager

Summary

Richmond University Medical Center successfully completed its $31,160,000 Series 2022 Tax-Exempt Revenue Bonds offering. The proceeds of the Series 2022 financing will be used to fund capital projects and was issued through the Build NYC Resource Corporation.

On June 30, 2022, Cain Brothers, a division of KeyBanc Capital Markets, successfully closed Build NYC Resource Corporation’s Tax-Exempt Revenue Bonds, Series 2022 on behalf of Richmond University Medical Center. The proceeds of the 2022 Bonds were used for (i) (A) the design, construction, furnishing and equipping of a new 30,772-square-foot addition for new surgical suites and related facilities to an existing building under construction that will total 69,982 square feet upon completion, which is located on the Institution’s Campus, and (B) other hospital expansions, renovations and equipment to be located on the Institution’s Campus; (ii) the funding of the Series 2022 Bonds Debt Service Reserve Fund; and (iii) paying certain costs of issuance of the Series 2022 Bonds. The transaction was a follow-on to the limited public offering in 2018 which allowed the Hospital to achieve optimal operational and structural flexibility along with aggressive financing terms.

Richmond University Medical Center is located on the northeastern portion of the borough of Staten Island, New York, and is a full-service, acute care, teaching hospital for the residents of Staten Island. The Institution’s geographic distinction, as being the only hospital on Staten Island not located in a designated flood zone, makes the Institution a strategic resource for borough residents in the event of flood-related natural disasters. The Institution is a not-for-profit, 501(c)(3) healthcare provider, offering patient-centered care through a full spectrum of emergency, acute, primary, behavioral health and medical services.

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