Michelman & Robinson Closes $30,000,000 Transaction among TD Bank, N.A., the New Jersey Health Facilities Financing Authority and Shore Memorial HospitalPDF
Michelman & Robinson, LLP’s (“M&R”) Corporate and Securities and Real Estate Departments successfully close a transaction among TD Bank, N.A. (“TD Bank”) the New Jersey Health Care Facilities Financing Authority (“NJHCFFA”) and Shore Memorial Hospital for the purchase of $30,000,000 revenue bonds issued by NJHCFFA.
TD Bank, one of the 15 largest commercial banks in the nation, retained M&R to represent the bank in its purchase of the $30,000,00 in revenue bonds. The bonds financed a new surgical pavilion for Shore Memorial Hospital,Somers Point, New Jersey (approximately 10 miles south of Atlantic City). The construction of the pavilion is one stage of Shore Memorial Hospital’s five year, $125 million campus modernization and expansion project.
“The American Recovery and Reinvestment Act provided for some interesting changes to tax exempt financing in both the state and local government arenas. Structuring this deal took a bit of ingenuity as the law is new and certain changes had to be made to the typical transaction in this space. We worked with top investment bankers and law firms in this deal and we are pleased with the outcome. This is the fourth transaction I have completed for TD in the past two years and the bank’s health care team in NJ, led by Terrance McCarty, is one of the best financing teams I’ve worked with” said Judith Sullivan.