ATLANTA - Grady Memorial Hospital will receive a net benefit of $7 million as part of New Markets Tax Credit (NMTC) financing for the expansion of its Emergency Department. This funding, combined with an additional $66 million in philanthropic contributions, will allow Grady to better meet the growing medical needs of Atlanta area residents.

“The NMTC allocations from SunTrust Community Development Enterprises (SunTrust), Community Hospitality Healthcare Services (CHHS) and Atlanta Emerging Markets, Inc. (AEMI) not only make a significant impact on our emergency department expansion, it will allow us to meet additional infrastructure needs because we are able to shift an equivalent amount of capital funding to other critical projects,” said Mark Meyer, Chief Financial Officer, Grady Health System.

One of the nation’s largest safety net hospitals, Grady is nationally recognized for its emergency and trauma services.

“As a healthcare focused New Markets Tax Credit (NMTC) allocatee, we are very proud to be supporting Grady’s mission and its ability to expand its capacity to serve all patients regardless of their ability to pay,” replied Ben Cirka of CHHS when asked about his entity’s interest in participating in this landmark renovation.

The project, including development of a new 90,000 sf facility, will add new patient care space to the Emergency Department (ED) and renovate the existing ED. With an approximately 400 ED visits per day, Grady anticipates a 15 percent increase in demand over the next few years to more than 135,000 emergency visits per year.

“As the primary nexus for emergency care, Grady is a key cornerstone of our community and a perfect example of what we look for in using our resources,” stated Dale Royal of AEMI, an affiliate of Invest Atlanta.

The new state-of-the-art facility is designed to optimize patient care, and at the same time enhance Grady’s role as a leading academic medical center – serving as the primary teaching hospital for the Emory and Morehouse schools of Medicine.

“This project is of significant importance to the Atlanta area and the critical role Grady plays in emergency and trauma care. We are very pleased to be both a NMTC allocator and the investor in this most noteworthy transaction,” commented Eric Rosen of SunTrust Community Capital.

The Emergency Department project is expected to be completed and ready for patients in late 2016.