UTICA – The Mohawk Valley Health System has secured the funding needed to build the new hospital in downtown Utica, which is expected to be a $480 million project.
New York State is proving a $300 million grant for the project, and the remaining $180 million needed to be secured by MVHS. That $180 million is coming from a loan financed through the investment bank Barclays, as well as the MVHS capital and fundraising.
MVHS announced last month that they had selected a lending institution for the remaining funds that were needed for the project.
“We are extremely pleased to finalize this important part of the project,” said Scott Perra, president and CEO of MVHS, in a news release. “Securing this financing not only gives us the financial security to complete this transformational project in downtown Utica, but it satisfies one of the CON contingencies which is vital to moving the project forward.”
Construction on the 373-bed, 672,000-square-foot facility is expected to begin in the third quarter of 2019.