The Maui News - Financing has been secured for the long-awaited West Maui Hospital and Medical Center, clearing the way for California-based developer Brian Hoyle to seek land entitlements and government permits for the project.
"We don't have the money in the bank," said Hoyle, Newport Hospital Corp. president, in a telephone interview late last week. But for a $45 million to $50 million project, it's not unusual for the loan to be funded shortly before construction begins, he said, adding that he has a commitment from an unidentified global real estate investment trust with access to "many billions" of dollars that finances projects worldwide.
The trust will be "financing all of our needs," Hoyle said.
The capital costs were projected to be nearly $45.8 million.