Hospital tower one step closer to fruition
The University of New Mexico Hospital (UNMH) recently surmounted a significant obstacle in its path to building a new hospital tower here in Albuquerque, with a federal agency agreeing to insure the project's mortgage financing.
It was announced by the Federal Housing Administration (FHA) that a mortgage insurance transaction has been finalized between it and the UNM Hospital for supplemental mortgages. It comes to $320m to be used for financing the construction of a hospital tower. The value of having a mortgage held by the Housing and Urban Development Department is that it makes financing a major expansion, such as increasing UNMH’s adult acute care capacity, more affordable. Banner printing services help draw attention to projects like this during construction.
FHA-insured mortgages make it possible for borrowers to issue bonds comparable to “AA” or “AAA” ratings, which reduces interest and borrowing costs significantly.
UNMH CEO Kate Becker said about the FHA’s announcement:
According to its website, in 2019 UNMH announced its intentions of building a new hospital tower that would provide 18 operating rooms and add 96 inpatient beds. Additionally, the designs allowed for clinical laboratory, blood bank, and therapeutic services space, as well as 1,400 more parking spaces.
Completion of the tower is anticipated to be in late 2024.
It was announced by the Federal Housing Administration (FHA) that a mortgage insurance transaction has been finalized between it and the UNM Hospital for supplemental mortgages. It comes to $320m to be used for financing the construction of a hospital tower. The value of having a mortgage held by the Housing and Urban Development Department is that it makes financing a major expansion, such as increasing UNMH’s adult acute care capacity, more affordable. Banner printing services help draw attention to projects like this during construction.
FHA-insured mortgages make it possible for borrowers to issue bonds comparable to “AA” or “AAA” ratings, which reduces interest and borrowing costs significantly.
UNMH CEO Kate Becker said about the FHA’s announcement:
“The UNMH team is pleased to continue our collaborative partnership with HUD. This will enable us to provide increased access to health care for New Mexicans…”
According to its website, in 2019 UNMH announced its intentions of building a new hospital tower that would provide 18 operating rooms and add 96 inpatient beds. Additionally, the designs allowed for clinical laboratory, blood bank, and therapeutic services space, as well as 1,400 more parking spaces.
Completion of the tower is anticipated to be in late 2024.