FHA / GNMA Insured Mortgage Loan
Mennonite General Hospital in Cayey, Puerto Rico retained AMS to refinance its non-investment grade tax-exempt bond debt, approximately $48,000,000, and expand one of its three hospitals for a total FHA Insured Mortgage Financing of $129,966,100. Mennonite has served the people of the central highlands of Puerto Rico for 65 years as the near sole provider of medical care. Begun as an outpatient clinic, Mennonite has grown to three hospitals, a major outpatient treatment center, three HUD housing facilities for the aged, including a section 812 facility for the disabled elderly. Operating their newest hospital, completed in 1998, at over 100% occupancy required Mennonite to add a major expansion project. Concerned with the rising cost of energy, the proposed Project also included conversion of air-cooled chillers to water cooled equipment. Mennonite also operates a health plan and manages three 24-hour emergency rooms for the Government of Puerto Rico. Mennonite funded its FHA Insured Hospital Mortgage Loan with GNMA Securities.