New Markets Tax Credit Coalition

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Boston University Medical Campus

With $9.5 million in support from Sovereign Bank, MassDevelopment put together a $20 million financing package through its NMTC programto rehabilitate and upgrade the FGS Building, one of two buildings remaining from the original design of Boston City Hospital.

Investment

  • NMTC Amount: $20,000,000
  • Total Project Cost: $22,360,000

IMPACT

  • 100 FTE jobs
  • 300 construction jobs
  • Rehabilitation of a vacant or under-utilized historic structure.
  • 28,316 sq. ft. of real estate

Investor

Project Description

With $9.5 million in support from Sovereign Bank, MassDevelopment put together a $20 million financing package through its New Markets Tax Credit programto rehabilitate and upgrade the FGS Building, one of two buildings remaining from the original design of Boston City Hospital. The restored building houses administrative support for the hematology/oncology, radiology, otolaryngology and surgical oncology services provided in the new Joseph Moakley Building. A 28,316 sq. ft. conference center on the ground floor was also part of the effort, helping to create a more cohesive working environment. In the end, a hospital grows, a community benefits and everybody wins. It’s the kind of health care story everyone loves to hear.

MAP

Address: 820 Harrison Avenue, Boston, MA 2118

Census Tract: 25025071101

PDF Profile

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