![\"\"](\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/02\/St.-Francis.jpeg\" "\\"St.")
<\/a>St. Francis Healthcare System of Hawaii will receive from the state $80 million in prceeds from the sale of revenue bonds for the upgrade of recently foreclosed hospitals.<\/p>\nThe hospitals\u00a0are Hawaii Medical Center (HMC)\u00a0West in Ewa and Hawaii Medical Center East in Liliha. The upgrades, which include the renovation of the buildings, the courtyard and\u00a0the parking garage, and the modernization of the medical equipment, are meant to\u00a0improve\u00a0the\u00a0attractiveness of the\u00a0properties for marketing purposes.<\/p>\n
As reported by Pacific Business News<\/em>, the revenue was obtained through the House Bill 2345, which stipulates the authority of the department of budget and finance to issue special-purpose revenue bonds that are meant to assist non-profit corporations that provide health care facilities to the general public. On Feb. 10, the bill had passed the House Health Committee with seven positive votes and none against it. Three members of the committee were excused.<\/p>\nIn June 2011,\u00a0HMC had filed for a second Chapter 11 bankruptcy reorganization. In addition, HMC had made an agreement with St. Francis that entailed the latter to retake ownership of the hospitals. When St. Francis backed down, and HMC couldn\u2019t find a new buyer, the two hospitals were shut down and about 1000 employees were laid off.<\/p>\n
Since St. Francis has been the largest secured creditor in the bankruptcy \u2013 they had financed more than $40 million of the $68 million sale to HMC, the properties will be eventually returned to them.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Liviu Oltean, Associate Editor
\nSt. Francis Healthcare System of Hawaii will receive from the state $80 million in prceeds from the sale of revenue bonds for the upgrade of recently foreclosed hospitals.
\nThe hospitals\u00a0are Hawaii Medical Center (HMC)\u00a0West in Ewa and […]<\/p>\n","protected":false},"author":1158,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1588,21742],"tags":[],"class_list":["post-1004053104","post","type-post","status-publish","format-standard","hentry","category-honolulu","category-latest"],"acf":[],"yoast_head":"\n
St. Francis Healthcare Receives $80M to Upgrade Foreclosed Hawaii Medical Centers - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/st-francis-healthcare-receives-80m-to-upgrade-foreclosed-hawaii-medical-centers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"St. Francis Healthcare Receives $80M to Upgrade Foreclosed Hawaii Medical Centers\" \/>\n<meta property=\"og:description\" content=\"By Liviu Oltean, Associate Editor St. Francis Healthcare System of Hawaii will receive from the state $80 million in prceeds from the sale of revenue bonds for the upgrade of recently foreclosed hospitals. 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