Surrey Hospital – Surrey, British Columbia
In 2007, The Fraser Health Authority in Surrey, British Columbia, procured the design, construction, financing, operation and maintenance of a new 150,000 ft2 outpatient facility under a 30-year concession agreement with a special purpose private company. The concessionaire was responsible for designing and delivering a LEED Gold-level certified facility to include diagnostics, surgical, and outpatient services; administrative offices; retail services; and parking. Fixed monthly payments are made to the project company over 30 years to pay operating costs, debt service, lifecycle costs, and reasonable return to equity investors. The hospital opened in March 2011 on budget and ahead of schedule.
The project’s debt included three bank loan facilities, which were available to (1) fund construction costs, (2) to cover potential changes in law that could have resulted in increased project costs, and (3) improve a road adjacent to the new hospital.
While with DEPFA Bank, Victoria Taylor acted as lender’s representative to the project during its construction. She was responsible for analyzing project progress and considering waivers and amendments to the project financing documentation.
Team Members: Victoria Taylor
Role: lender’s representative
contract duration: 2008 – 2010
Transaction Size: $180 million