CINCINNATI, Jan. 22 /PRNewswire/ -- Fifth Third Securities, Inc., recently completed a deal to finance construction for the largest Veterans Administration hospital in Ohio. Fifth Third Securities served as financial advisor and structuring agent for the $115 million bond deal to help renovate and expand downtown Cleveland's Louis Stokes Veterans Administration Medical Center.
The Cleveland Cuyahoga County Port Authority through the issuance of taxable, lease revenue bonds financed the development. A special tax increment financing (TIF) district was also part of the transactional components.
"Fifth Third Securities is honored to play a role in the care of our military veterans," said Jeffrey Chapman, senior vice president, Capital Markets with Fifth Third Securities, Inc. "While this deal was two years in the making, we were able to get the right parties involved to strike the right deal."
The Louis Stokes Veterans Administration Medical Center is the fifth largest in the country. Approximately 100,000 veterans visit the hospital system each year, which ranks the Louis Stokes VA fifth out of 167 medical centers in the country for the number of veterans served.
"The goal of this project is to improve access, improve quality of care and reduce costs," said Sean Nelson, Chief of External Affairs at the medical center. "With our new additions, we will be able to save money in the longer term, which we can reinvest in to our top-notch clinical services."
The funding will go to renovate and expand the VA Hospital's Wade Park Campus in downtown Cleveland, as the hospital's Brecksville Campus will consolidate into Wade Park, as Nelson says a number of the veterans who use the facilities live near the Wade Park Campus. New construction on the campus grounds will include a 2,000-car parking garage, administration building and residential services for homeless veterans.
"These changes will allow veterans a one-stop shop for all their needs, as benefits, healthcare and other service organizations will now be located on the campus grounds," said Nelson.
The conversion is a part of the Veterans Administration's Capital Asset Realignment for Enhanced Services (CARES) program to provide a 20-year blueprint for modernization. The projects on the Wade Park Campus are scheduled to be completed by January 1, 2011.
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SOURCE Fifth Third Securities, Inc.