HOBOKEN – The group that is in the process of purchasing Hoboken University Medical Center has agreed to let their proposal become public, according to city officials.
Over the past few days, Mayor Dawn Zimmer has said that the bid from HUMC Holdco, a group from Bayonne Medical Center that was selected by the Hoboken Municipal Hospital Authority, was the best bid for the hospital and the city.
Due to non-disclosure agreements, the other bids have remained private. However, once a bidder agrees to release their proposal, the non-disclosure agreement is waived.
The proposal from Holdco indicates that they would be able to pay, in cash, $75 million for the closing. The city needs to extinguish a $52 million bond guarantee, plus interest. The proposal also states that Holdco obtained financing for up to $75 million from Wellspring Capital Management LLC and its affiliates. The $75 million financing is the highest dollar amount proposed from the three now-public bids.
To read Holdco’s proposal in its entirety on the city website, click HERE.
Zimmer discussed two other bidders earlier this week. Click HERE to read that story.
For more details on all of the bids and other aspects of the hospital issue, see this weekend's cover story in the Hoboken Reporter and here at hudsonreporter.com. -- Ray Smith