Success Stories |
Doctors Memorial Hospital
Doctors Memorial Hospital, Bonifay, Florida
We assisted this Florida Critical Access Hospital, at the time one of only 8 in the state, with developing a plan for replacement of this very outdated facility.
The hospital was located in an older part of the community, was landlocked, thus could not expand on their current site. However, several years before the board had acquired some land adjacent to the interstate at an exceptionally attractive price.
We then assisted the hospital in determining their debt capacity, assisted them in the selection of an accounting firm to prepare a financial forecast, and then presenting the project to various potential lenders. We attempted to get a bank letter of credit for various national and international banks, attempted to acquire bank qualified revenue bonds from regional banks, considered private bond funds, seriously considered government enhanced programs, but eventually we were successful in getting a regional underwriter firm to underwrite tax exempt revenue bonds for $16,850,000.
The revenue bonds were issued in November, 2006 and the new 25 bed critical access hospital opened in March, 2008.
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