Type of Project: Replacement of Critical Access Hospital and Nursing Home
Type of Funding: USDA Direct Loan, Guaranteed, and Local banks
Square Footage: 76,197 sq ft
In the spring of 2021, Towner County Medical Center (TCMC) CEO Ben Bucher was inspired by the recent success a colleague had found in their recently completed replacement Critical Access Hospital. Knowing that TCMC needed the same, Ben decided to embark on the journey to replace the health care system for the community focusing on the Towner County Medical Center hospital, clinic, and nursing home. The project would address the insufficient clinical space and outdated infrastructure and combine facilities currently located across the town from one another into one location.
Stroudwater Capital’s Role
The project manager of that successful replacement hospital introduced Ben and TCMC to our team, and we formed our partnership to support them through their journey and secure capital financing for the project.
Our team has successfully guided TCMC and other key stakeholders, such as the medical center board of directors and the Towner County Living Center board of directors, through the USDA process, securing nearly $58 million in financing. Additionally, we connected TCMC to a trusted partner of ours, Eide Bailly, who was familiar with the organization and supported TCMC during the feasibility study.
When completed, the new medical center will enable TCMC to focus entirely on patient care without needing to spare resources and time on building maintenance. This will improve patient care outcomes and bring critical healthcare access care to those in the county and beyond for years to come. Currently the largest employer in the county, TCMC’s new facility will also bring an estimated 95 new jobs to the community.
Stroudwater Capital Partners Stroudwater Associates USDA Community Facilities Greater Commercial Lending Eide Bailly Infusion Architects Salt Design JLL Valuation & Advisory Services Newmark Terracon Forsight
September 16, 2022
- 30 nursing home beds
- 8 acute care inpatient beds
- 5 basic care beds
- Expanded primary care and specialty care provider clinic
- Expanded emergency department
- Surgical suite with pre and post-operative recovery beds
- Infusion therapy space
- State-of-the-art imaging lab
- Expanded physical respiratory and cardiac therapy space