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Success Stories | Okeene Memorial Hospital

Okeene Memorial Hospital, Okeene, Oklahoma

We were retained in 2005 to assist this critical access hospital in helping them with planning for either replacing their existing facility, or renovating and adding on at their current site.

After extensive analysis by an architectural firm, evaluating the cost versus the hospital’s debt capacity, it was decided to renovate add significant square feet to the existing location. The $7.5 million loan closed in February 2006 and the renovation and addition was completed in the Spring of 2007. During this project, HCR directors have assisted with the selection and retention of the architects (at no upfront cost to the hospital – all architectural and design fees were contingent upon successful financing of the project), selection of the construction manager, soliciting proposals from lenders, leading the negotiations of the loan documents, and facilitating the work done by feasibility consultants and attorneys. With the exception of the financial feasibility consultant, the hospital has not incurred any significant cost (virtually all costs have been deferred until loan costing).

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