MassDevelopment issues tax-exempt bonds to Mass General Brigham Inc.

Boston, MA MassDevelopment has issued $865,515,000 in tax-exempt bonds on behalf of Mass General Brigham Inc. (MGB) to expand and improve its health care facilities, enabling the organization to expand its services and enhance patient care. J.P. Morgan Securities, serving as the lead underwriter, sold the tax-exempt bonds through a public offering.

MGB is using bond proceeds to build a 482-bed health care facility focused largely on oncology and cardiovascular services at 55 Fruit St. on Mass General Hospital’s main campus. Construction of the new building is underway with the facility opening in two phases between 2027 and 2030. Additionally, MGB is using bond proceeds to redevelop Brigham and Women’s Faulkner Hospital campus, located at 1153 Centre St. in the city’s Jamaica Plain neighborhood. This redevelopment project includes building a five-story addition to the hospital’s existing facility, buying new equipment, and building and renovating garage facilities. The organization is also using bond proceeds to refinance previously issued debt.

“Massachusetts is fortunate to lead the nation in health care and that's because we are home to world-renowned hospitals like Mass General Brigham,” said Economic Development secretary Eric Paley, who serves as Chair of MassDevelopment’s Board of Directors. “MassDevelopment is proud to support Mass General Brigham with access to tax-exempt financing as it expands its footprint in Boston.”

“Boston’s future depends on continuing to lead in the care, research, and innovation that improve lives not only for the communities across our city, but around the world,” said mayor Michelle Wu. “Investments like this help ensure our hospitals can grow, modernize their facilities, and advance the groundbreaking work happening every day at Mass General Brigham. We’re grateful to MassDevelopment for supporting projects that expand capacity and strengthen our infrastructure, helping deliver the next generation of care.”

“Mass General Brigham has changed countless lives through compassionate health care and groundbreaking medical discoveries,” said MassDevelopment president and CEO Navjeet Bal. “MassDevelopment is pleased to issue tax-exempt bond financing to help the organization expand this legacy and look to the future with key campus investments across Boston.”

Mass General Brigham operates academic medical centers, community acute care hospitals, inpatient and outpatient mental health services facilities, urgent care centers, facilities that provide rehabilitation medicine and long-term care services, physician organizations, home health services, nursing homes, and a graduate-level program for health professions. Its mission is to provide world-class health care services to the local communities in which it operates as well as to patients across the United States and the world. MGB is also a non-university-based nonprofit private medical research enterprise and a principal teaching affiliate of the medical and dental schools of Harvard University. Its licensed, not-for-profit managed care organization and licensed, for-profit insurance company provide health insurance products and administrative services to the Massachusetts Medicaid program, including members eligible for both MassHealth and Medicare, Medicare Advantage program, ConnectorCare, and commercial populations.

“We appreciate MassDevelopment’s support on our 2026 bond sale,” said Debra Sloan, Senior Vice President for Treasury, MGB. “The campus revitalization projects financed in part by these bonds will help MGB deliver on our four-part mission: to provide exceptional patient care, to drive innovation through groundbreaking research and discovery; to educate the next generation of health care professionals; and to improve the health of the communities we serve.”