$232M in Sustainability Bonds Issued for BMC Project

Boston – MassDevelopment has issued $232,415,000 in tax-exempt Sustainability Bonds on behalf of Boston Medical Center (BMC), which will use proceeds to finance several capital projects, including the renovation and expansion of existing facilities at its primary campus in Boston’s South End neighborhood.

The bonds support BMC’s goal to become carbon net zero by 2030 and received the Sustainable Bond designation by Kestrel Verifiers, which are approved verifiers of the Climate Bonds Initiative (CBI) and an observer for the International Capital Market Association Green Bond Principles and Social Bond Principles. This project marks the first Sustainability Bonds issued to a nonprofit health care organization in the U.S. The bonds were sold through a public offering underwritten by RBC Capital Markets LLC.

Bond proceeds will support the renovation of the existing fifth and sixth floors of the Yawkey Building to add 70 new inpatient beds, including 10 intensive care unit beds and 60 medical and surgical beds; renovation of the first and second floors of the Menino Building to upgrade five inpatient operating rooms, several pre- and post-operative care units, and the lobby; the addition of a vestibule and realignment of the front driveway to

Boston Medical Center’s South End campus / Photo courtesy of Boston Medical Center reduce congestion and avoid backup of traffic onto city streets; and expansion and renovation of patient support areas, construction of sterile corridors, and relocation of an observation unit.

“Boston Medical Center is leading the way in health equity and sustainability,” said MassDevelopment president and CEO, Dan Rivera. “MassDevelopment is proud to advance these key missions by issuing over $232 million in tax- exempt Sustainability Bonds to support significant upgrades to the hospital – the first financing of its kind in the country –that will benefit all who are served by this important institution.”

BMC is a nonprofit academic medical center located in Boston’s historic South End, providing medical care for infants, children, teens, and adults with a licensed bed complement of 570 beds.

BMC’s nearly 300 million sq. ft. campus well-being and pursue their work with great enthusiasm. The new design reflects that culture by creating a vibrant space with jewel tone colors and bold patterns, which also serve as visual wayfinding cues throughout patient care areas.” is comprised of 28 BMC-owned or controlled buildings, including a helipad as well as leased space in five buildings on or adjacent to its campus. Its 81 residency training programs and 905 resident and fellowship positions help to serve its primary mission of providing community-based, accessible health services to all in need of care regardless of status and ability to pay.

Construction will begin this spring and be completed in phases to allow the practices to remain open during construction. Completion of the final phase is scheduled for spring 2024. In addition to Maugel DeStefano Architects, other team members included Design Day Mechanical; Shepherd Engineering, Inc.; and SFC Engineering.

MassDevelopment most recently supported BMC in 2016-2017 by issuing nearly $220 million in tax-exempt bonds to help the organization advance its campus redesign project, renovate the Menino Building, upgrade and expand the emergency department, buy equipment, and refinance previously issued debt.

“BMC is pleased to partner with MassDevelopment in this first-in-thenation sustainability bond offering in nonprofit health care,” said Boston Medical Center Health System president and interim CEO, Alastair Bell, MD, MBA. “BMC is deeply committed to understanding and solving persistent health inequities in communities of color. We also view continuing to take action on climate change, which disproportionally impacts communities of color worldwide, as a core and necessary leadership role within the healthcare sector.”

Quincy, MA – City Realty Group (CRG) announced it hosted a ribbon-cutting and led tours of its recently renovated commercial building at 1515 Hancock Street, located in the heart of Quincy Center.

CRG acquired the 132,0000sf, Class A office building in 2021. Since then, CRG has performed renovations and improvements, including a revitalized lobby with stadium seating and spacious common areas for tenants and visitors. The ribbon-cutting ceremony was attended by Quincy Mayor Thomas Koch, Quincy Chamber of Commerce President and Executive Director Tim Cahill, and several building tenants. The event was catered by one of the new tenants, Magic Bowl.

“We came in and did an extensive renovation to frame the building into a more modern context. That led to our tenants being very appreciative and new tenants starting to come to us, and we started to sign up a lot of new leases,” explained CRG Managing Partner Stephen Whalen. “We’re 80% leased and will be 100% soon. That’s not the story for a lot of these types of buildings in Massachusetts or the United States right now.”

Hancock Center (1515 Hancock St.) is a 4-story atrium building featuring street frontage on three sides, providing views, natural light throughout and outdoor patio space to select offices. Anchored by long term tenants such as the Social Security Administration and MassHire Quincy Career Center, CRG intends to make the reimagined commercial building a cornerstone of the revitalization of

Quincy Center.

“Stephen and the City Realty Group have a great vision for this building, and I welcome the investment and reinvestment in Quincy Center,” said Koch. “We moved into a difficult period in Quincy Center for a long time, but through the investment by Stephen and so many others around him, Quincy Center is back.”

“Thank you all for inviting us into the city. We feel a part of it now. Our nonprofit, City Kids, is looking to do more in the city,” Whalen told guests at the event. “If you have programs that are focused on kids and learning please get in touch with us. We’d love to pick that up because we feel when we do business, we want to give back. That’s part of how we approach life and business.”