Michelman & Robinson Closes Second Multi-Million Dollar Transaction among TD Bank, N.A., the New Jersey Health Care Facilities Financing Authority and Shore Memorial HospitalPDF
Michelman & Robinson, LLP’s (“M&R”) Corporate & Securities and Real Estate departments successfully closed their second transaction among T.D. Bank, America’s Most Convenient Bank ® (“TD Bank”), the New Jersey Health Care Facilities Financing Authority (“NJHCFFA”) and Shore Memorial Hospital for the purchase of $15,000,000 revenue bonds issued by NJHCFFA.
Led by Jon Grizel, M&R assisted TD Bank in its legal needs, in purchasing, for its own account, a second bond issued by the NJHCFFA, in connection with the construction of a new surgical pavilion for Shore Memorial Hospital. M&R closed the previous financing for $30,000,000 in revenue bonds on behalf of TD Bank in the fall.
The financing, which is essential to the completion of a five year, $125 million campus modernization and expansion project, will not only benefit patients in the future, but has had an immediate impact on the local economy by providing significant work to construction laborers and other tradesmen throughout southeast New Jersey. When completed, the project will provide the hospital with the latest technology and increase its depth of patient care.
“TD Bank is thrilled to collaborate with Shore Memorial on their recent facilities modernization project. As one of our longtime clients, we have worked with them on a number of undertakings that have resulted in tremendous success. We are confident that we will once again experience a similar outcome,” said Terrance J. McCarty, leader of TD Bank’s Healthcare Financial Services, New Jersey.
“It has been truly fulfilling to work on a deal that will have a tremendous impact on the Shore Memorial community and the hospital’s future care. Shore Memorial’s commitment to its patients and the enormity of its expansion endeavor was evident at the groundbreaking ceremony. The hospital invited members of varied clergies to bless the soil and pray for the health of the patients, the guidance of the caregivers and for the safety of the construction workers,” said Judith J. Sullivan, chair of M&R’s New Jersey practice, and partner in charge of the TD Bank relationship at M&R.