MaineGeneral Medical Center has sold more than $280 million in bonds to finance a new hospital in Augusta.
The bond sale received approval from the Maine Health and Higher Educational Facilities Authority last month. The tax-free bonds were sold last Wednesday and should be available Aug. 11, when the sale officially closes, according to the Kennebec Journal. Site work on the 192-bed hospital will begin that week, while a formal groundbreaking will be held in September. Hospital officials and representatives from the Harold Alfond Foundation — which has donated $25 million to the project plus an additional $10 million in matching dollars — pitched the bonds to potential investors in Boston.
The entire project, including financing, is estimated to cost $412 million and includes $10 million in improvements at MaineGeneral Medical Center’s Thayer campus in Waterville.
