Greystone provides $215.5 million in HUD financing to Care New England Health System for debt refinancing and facility upgrades at Kent and Women & Infants hospitals.
Care New England Health System (CNE) has secured $215.5 million in FHA 242 GNMA financing, arranged by Greystone. The capital will be utilized to refinance existing Series 2016B and 2016C bonds while funding new construction and renovation projects, including ambulatory facilities at Kent Hospital in Warwick and various upgrades at Women & Infants Hospital. CNE operates a three-hospital network across Rhode Island with 749 total beds.
The transaction utilizes a unique co-borrower structure intended to preserve the health system's existing obligated group. According to CNE executive vice president and CEO Todd Conklin, the HUD-insured financing allows the system to access capital at more favorable rates than traditional markets, where CNE had previously been categorized as a sub-investment grade credit.
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