Portmore’s time! - Developers secure US$171-m loan for hospital

Portmore hospital set for completion by 2017

Wednesday, August 07, 2013

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DEVELOPERS of the long-awaited Portmore International Hospital and Medical City (PIHMC) have secured a US$170.5-million (J$17.2-billion) loan facility for its construction.


Projections now place completion of the development by 2017, following on over nine years of discussions and planning for the project.


Omega Commercial Finance Corporation (OCFN), a Miami-based company in the commercial real estate sector, announced that its lending subsidiary, CCRE Capital will provide Cayjam (the developers) with a five-year loan that will enable them to build a smart, eco-friendly, private medical and knowledge city in Central Portmore.


"PIHMC, when completed, will be the first of its kind in the Caribbean and will be positioned as a private health-care organisation with secondary and tertiary care, as well as medical tourism facilities," said Omega in a press statement issued yesterday.


The primary feature of the development is the 64-to 120 bed multi-specialty, state-ofthe-art, American-designed and operated hospital.


It will feature a medical campus, located north-east of the property; a gated lakefront condominium complex for medical recovery and a limited number of townhouses for medical staff, as well as a shopping mall.


Phase one of the development will see a 64-bed hospital medical campus; a man-made, five-acre lake; and about 50 three-bedroom condos for medical recovery.


Located on the northern side of Southborough Drive and extending to meet the Naggo Head to Gregory Park main road, the centre is expected to strengthen teaching opportunities through the co-operation with the University of the West Indies (UWI) Medical School, foreign universities and medical teaching institutions.


The latest standards in specialised diagnostic and therapeutic services supported by information technology and telemedicine will also be applied.


Cayjam has already started pre-construction and the Environmental Impact Assessment (EIA) by the National Environment and Planning Agency has been completed.


Construction of the proposed 104-acre multifacility medical structure was slated for completion by June 2011. But it wasn’t until May this year that Cayjam completed the final acquisition of the land from the National Insurance Fund (NIF), which signalled the long-awaited hospital, medical and knowledge centre.


Prior to that, the developers did a massive site clearing and engineering assessment, followed by the stockpiling of stones and shingles for a 30-acre solar farm.


Operationally for OCFN, the loan is projected to generate US$57 million in gross interest income over the phase of five years and US$3.4 million in origination fees.

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