Ferrell Hospital

Ferrell Hospital (“Ferrell”) is a 25-bed nonprofit critical access hospital located in the city of Eldorado Illinois Ferrell’s multi-phase modernization and expansion project was its first major improvement project in over 40 years. Phase I focuses on creating a state-of-the-art emergency department, new operating rooms & endoscope suite; improved radiology, lab, and inpatient therapy services; 15 new private rooms, an infusion center, and updates to the cafeteria and lobby. Phases II and III will replace portions of the hospital dating back to 1928. The entire project is to be completed by mid-2022….

After much analysis and discussion, InnoVative Capital advised Ferrell to cap its project loan amount at $35 million. To take full-advantage of this capped budget, Ferrell opted for an onsite project. Thereafter, InnoVative Capital pre-qualified Ferrell for a USDA Direct Loan to obtain the most reasonable financing terms. Upon construction loan closing, Ferrell locked in the long-term USDA fixed rate of 2.25%. All parties including hospital/affiliate leaderships, transaction team, local, state, and national USDA offices successfully collaborated to execute this transaction to modernize an aging community asset and healthcare lifeline.

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