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Hospital Closes Construction Loan
Sunday, 05 July 2009

July 5--  Meadows Regional Medical Center in Vidalia has closed on a nearly $85 million loan to build a new hospital.

Meadows Chief Executive Officer Alan Kent says the hospital secured an annual interest rate of 7.39% for the project.  He estimates total cost, including financing, is over $90 million.

According to Kent, the hospital was able to get a loan due to a guarantee from the U.S. Department of Housing and Urban Development.  "The hospital's financial status and its performance over the past few years allowed us to find financing at a time when many other organizations are unable to," he said.

The new facility will be builton a 75-acre site north of U.S. Highway 280 in East Vidalia.  In addition to the medical center, Kent says it will include medical office buildings, a new cancer treatment center and possibly a new hospital nursing home.

In the meantime, Kent says various options are being considered for the future of the old hospital building.  He promises it will not be allowed to fall into a state of disrepair.

Kent believes it will take at least 18 months to complete the new medical center.


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