JEDA Issues $75 Million in Bonds for MUSC Medical Office Expansions
Berkeley and Charleston Counties
The South Carolina Jobs-Economic Development Authority (JEDA) issued $75 million of tax-exempt and taxable bonds (“Bonds”) for the benefit of University Medical Associates (UMA) of the Medical University of South Carolina (known as “MUSC Physicians”) to finance a new medical office facility on Clements Ferry Road in Berkeley County and to expand existing facilities at the West Ashley Medical Pavilion in Charleston County.
The Bonds will help to pay for the construction of Clements Ferry medical office building in the growing suburbs of lower Berkeley County. The four-story, 80,000-square-foot building is expected to open later this year and will be staffed by 30 to 35 physicians providing a range of specialties.
The Bonds also will help finance the expansion of the West Ashley Medical Pavilion located at 2060 Sam Rittenburg Boulevard in Charleston.
“JEDA financing is proving critical to our ability to meet the medical care needs in both an area of rapid residential expansion in the Cainhoy Plantation area and in a long-established neighborhood in Charleston itself.”
Jonathan Boone, Assistant Chief Financial Officer and Controller of MUSC Physicians
“Working with MUSC and MUSC Physicians has been a pleasure and a privilege. We are pleased to be able to help support to the community,” said Rion Foley, Bond Counsel with Burr Forman McNair in Charleston.
“JEDA and MUSC have a long history of working together to meet the healthcare needs of South Carolinians and we’re pleased to assist in the financing of their latest expansion projects,” said Jesse A. Smith, Executive Director of JEDA in Columbia.
