The state of New Jersey has approved the sale of Hoboken University Medical Center to HUMC Holdco, a for-profit company, according to a report from The Jersey Journal.
Hoboken Mayor Dawn Zimmer said the sale is expected to be finalized “within the next few days,” according to the report.
Under the terms of the sale, HUMC Holdco will pay off HUMC’s debt and invest $20 million in improvements. The interest on the bond, $11 million, will be covered by an earmark in the state budget.
HUMC Holdco also operates Bayonne (N.J.) Medical Center.
Related Articles on Hoboken University Medical Center:
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New Jersey Gov. Chris Christie Pledges $5M to Help Keep Hoboken Hospital Open
Closure of N.J.’s Hoboken University Medical Center Looms as City Council Rejects $5M Deal
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