Mass General Brigham secures $865.5 million for new patient care complex
New England Council member Mass General Brigham has secured $865.5 million in bond financing for its new two-tower Ragon building, a patient care complex projected to cost nearly $2 billion. State economic development agency MassDevelopment issued the tax-exempt bonds on behalf of the healthcare system, which will use proceeds to fund the project as well as the redevelopment of the Faulkner Hospital campus and the refinancing of other debt.
Located at 55 Fruit St. on the main Mass General campus, the Ragon building will house 482 patient beds dedicated to cancer care and heart and vascular services, and is projected to open in two phases between 2027 and 2030. The complex has attracted substantial philanthropic support, including $200 million from InterSystems Corp. founder Phillip Ragon and his wife Susan, $100 million each from Herb Chambers and the New Balance Foundation, $35 million from Irving Oil, and other contributions.
The bond financing comes as Mass General Brigham has significantly expanded its cancer care enterprise following the end of its longstanding partnership with Dana-Farber Cancer Institute in 2023.
The New England Council congratulates Mass General Brigham on this milestone and looks forward to the continued expansion of world-class healthcare in New England.
Read more on the Boston Business Journal.