Md. gives MedStar Health $750k loan to relocate headquarters

The state of Maryland is giving MedStar Health a $750,000 loan to support its move from its current headquarters in Columbia, Md., to a new property in downtown Columbia. The move is expected to take place in 2017, according to the Washington Business Journal.

The conditional loan from the state Department of Commerce's Maryland Economic Development Assistance Authority and Fund requires the health system to invest $8 million in the move and maintain a workforce of 222 full-time employees at its new office through December 2018, according to the report. MedStar must also maintain staffing 1,266 people statewide.

If all terms of the deal are met, the loan will be forgiven, according to the report.

Currently, MedStar employs about 200 people at its headquarters and will add another 72 jobs from other offices.

More articles on finance:
Fair market value and physician compensation: Key considerations and trends
Moody's downgrades Mission Regional Medical Center's rating to 'Caa1'
5 recent hospital outlook and credit rating actions

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.


Featured Content

Featured Webinars

Featured Whitepapers