StroudwaterGCL has completed $58 million in financing for Towner County Medical Center in Cando, North Dakota.
The loan package, guaranteed by the U.S. Department of Agriculture (USDA), will go towards constructing a 76,000-square-foot critical access hospital and nursing home. The project will consolidate the current Towner County Medical Center and the Towner County Living Center, currently located across town from each other, significantly improving patient care and bringing critical healthcare access to rural communities throughout the region.
The new facility will have 30 skilled nursing beds, five basic care beds and eight inpatient rooms. Two of the inpatient rooms will be specifically for isolation in the case of airborne illnesses. Services offered at the new hospital and nursing home will include emergency care, diagnostic imaging, physical therapy, laboratory work and outpatient surgery.
StroudwaterGCL is a partnership between Greater Commercial Lending (GCL), which provides access to government-guaranteed credit to organizations in rural and under-served areas, and Stroudwater Associates, which delivers strategic advice to rural hospitals and health systems.
“Access to high-quality medical care is critical for all Americans, especially those in under-served and rural locales,” said Jeremy Gilpin, executive vice president of GCL, one of the largest originators of USDA loans. “GCL is proud to support the Towner County Medical Center project by ensuring financing at favorable terms that might otherwise be unavailable to the organization via traditional credit sources.”
The Towner project is designed to improve patient and family access, optimize staffing efficiency and decrease duplication of clinical and logistical support resources, enhancing inpatient and outpatient care spaces.
The financing structure includes participation by Greater Nevada Credit Union and First State Bank of Cando. The facility is expected to open in 2024 and will bring an estimated 95 jobs to the community.