University Hospital’s (UH) ‘Vision 2010’ expansion campaign saw the construction of several new hospital facilities and upgrades to existing facilities, that significantly increased UH’s ability to serve patients. Thanks to imaginative leadership the community and UH, the expansion plan committed to hiring an unprecedented number of local union contractors and vendors for the construction and procurement operations of these new and upgraded facilities. All of which greatly expanded the already significant positive economic impact of Vision 2010’s new investment.
Included in the Vision 2010 plan was the construction of the Seidman Cancer Center and the Ahuja Medical Center. Subject to the same commitments to local hiring and vendor selection as the rest of the plan, these facilities were also partly financed by EB-5 investment capital.
The question, then, is why did UH opt for using non-traditional EB-5 financing to help build these facilities? Certainly, as an established institution with more than 100 years of operational history and annual revenue measured in billions of dollars, UH could have found traditional lenders willing to commit to the project.
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