JEDA Bonds Pay For New MUSC Physicians Practice Plan Building
Charleston, SC — Charleston County
MUSC Physicians, the faculty practice plan at the Medical University of South Carolina, is using a $14.175 million revenue bond from the South Carolina Jobs-Economic Development Authority (JEDA) to finance the purchase of an administrative building in Charleston.
The Series 2015 tax-exempt economic development revenue bond will be used to buy the Parkshore Centre at 1 Poston Road which will be used for functions such as revenue cycle and information systems. MUSC Physicians also plans to lease a substantial portion of the 120,000-square-foot building to the Medical University Hospital Authority to be used for its own administrative operations.
MUSC Physicians currently employs 1,780 people and provides the widest range of specialty care of any medical center in the Palmetto State.
“The purchase of the Parkshore Center will help us consolidate the support functions of our operation, enabling MUSC and its medical teams to provide even more efficient, effective and innovative health care to the people of South Carolina and beyond.”
– Gina Ramsey, Chief Financial Officer, MUSC Physicians.
“We truly enjoyed helping MUSC Physicians obtain Parkshore Centre and the health care system should benefit from consolidating a significant portion of its administrative functions under one roof,” says Rion Foley and Bill Youngblood, Bond Counsels with the McNair Law Firm in Charleston.
“JEDA has been financing medical facilities of all types for nearly three decades. We’re pleased once more to be able to work with the people at MUSC as they continue to build on a national reputation for medical excellence,” says Harry A. Huntley, CPA, Executive Director at JEDA in Columbia.