Highland-Clarksburg Hospital Announces $34.8 Million Loan Through Huntington Bank and USDA
CHARLESTON, W.Va.--(BUSINESS WIRE)-- Highland-Clarksburg Hospital officials are pleased to announce they have closed on a $34.8 million construction loan syndicated through Huntington National Bank for necessary renovation costs on the Highland-Clarksburg Hospital (HCH). The newly formed Highland-Clarksburg Hospital Inc. (HCHI) was approved to operate a 150-bed behavioral health facility in the former United Hospital Center (UHC). More than 200 construction jobs will be created by the renovation project. Once fully operating, Highland plans to employ 294 staff members.
"With the funds in hand, we are finally prepared to begin the work," said Mike Casdorph, Director of Facility Development and Construction for Highland. "Renovations and construction started on January 15, 2013," he added.
Huntington and Highland-Clarksburg Hospital worked with USDA Rural Development, which is providing the hospital with a $21 million loan through its Community Facilities Program in addition to $13.8 million in permanent financing provided by Huntington. Highland has secured the firm of Associated Architects for the design plan and RC General Contractors as the Construction Manager.
"Highland is profoundly dedicated to individual, family and community well-being," said Andy Paterno, Huntington Bank's West Virginia Regional President. "Huntington shares Highland's commitment to West Virginia and to helping finance a project that will bring jobs to the area. This is a great example of a public and private partnership between state, federal programs and local banks," he added.
"The unwavering support from City of Clarksburg officials, Harrison County officials and Governor Tomblin's office has been remarkably steadfast," said Jim Dissen, Chairman and CEO of Highland Hospital. "Huntington is helping us lead the way with a financial package that merges federal funding with a sophisticated understanding of our approach to meeting the community's healthcare needs and the vital difference we will be able to make through this expansion."
UHC donated the facility to Highland in December of 2010. On December 1, 2011 the West Virginia Health Care Authority rendered their decision to approve Highland's Certificate of Need (CON).
Huntington expanded its specialized healthcare banking services in February of last year with the appointment of Dan Storer as managing director. Huntington for Healthcare delivers commercial, treasury management, wealth management, business banking, insurance and equipment finance services to key healthcare industry subsectors. These include hospitals, medical and dental groups, senior living and long-term care facilities, home healthcare, medical device manufacturers, specialty pharmaceuticals and other niche healthcare services. Visit https://www.huntington.com/commercialhealthcare/ for more information.
Huntington Bancshares Incorporated is a $56 billion regional bank holding company headquartered in Columbus, Ohio. The Huntington National Bank, founded in 1866, provides full-service commercial, small business, and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial products and services. The principal markets for these services are Huntington's six-state banking franchise: Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky. The primary distribution channels include a banking network of more than 700 traditional branches and convenience branches located in grocery stores and retirement centers, and through an array of alternative distribution channels including internet and mobile banking, telephone banking, and more than 1,300 ATMs. Through automotive dealership relationships within its six-state banking franchise area and selected other Midwest and New England states, Huntington also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.
The Huntington National Bank, Member FDIC. The logo mark and Huntington®are federally registered service marks of Huntington Bancshares Incorporated.
Highland Hospital has been providing understanding, support and family-focused behavioral health treatment since 1955. They operate a new 98-bed facility in Charleston which treats children, adolescents and adults. The new 150-bed HCHI will have 115 adult-beds and 35 youth-beds.
Huntington Bancshares Incorporated
William Eiler, 412-227-4858
Jim Strawn, 304-348-1417
KEYWORDS: United States North America Ohio West Virginia
The article Highland-Clarksburg Hospital Announces $34.8 Million Loan Through Huntington Bank and USDA originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.