Boston MedFlight Adds Helicopter
Critical Care Medical Transport Nonprofit Funds Aircraft Acquisition Using $10 Million Tax-Exempt Lease from MassDevelopment & Bank of America
January 15, 2025
Kelsey Schiller, 857-325-3477
kschiller@massdevelopment.com
Shawn Cote, Boston MedFlight
781-863-2213
BOSTON – MassDevelopment has issued a $10,021,405 tax-exempt lease on behalf of New England Life Flight, Inc., which does business as Boston MedFlight, a nonprofit that provides critical care medical transport by air and ground. Boston MedFlight used proceeds to acquire and retrofit a medically configured Airbus H145 helicopter to add to its existing transport fleet. The tax-exempt lease, purchased by Bank of America, helped Boston MedFlight achieve a lower cost of capital.
“Boston MedFlight’s life-saving fleet of aircraft connects patients to care when they need it most,” said MassDevelopment President and CEO Navjeet Bal. “We are pleased to provide tax-exempt financing to help the nonprofit carry out its critical mission with the addition of a new medically configured helicopter.”
“As a longstanding supporter of the healthcare industry, we are pleased to deliver a financing solution that will help Boston MedFlight offer critical services to its clients and partner hospitals,” said Kevin O’Connor, Senior Vice President in Global Leasing, Bank of America. “We look forward to collaborating with them on future projects.”
Boston MedFlight was established in 1985 by a consortium of hospitals to serve as a critical care transport service for those with life-threatening illnesses or injuries, regardless of insurance status or ability to pay. The consortium consists of Beth Israel Deaconess Medical Center, Boston Children’s Hospital, Boston Medical Center, Brigham and Women’s Hospital, Lahey Clinic Hospital, Massachusetts General Hospital, and Tufts Medical Center. Since its inception, MedFlight has transported more than 100,000 critically ill and injured patients in the region who receive an advanced level of care from highly trained critical care nurses and critical care paramedics. With the addition of this new helicopter, its fleet will include seven helicopters, one jet, and nine ground ambulances, all of which are outfitted with state-of-the-art medical equipment, essentially serving as mobile intensive care units. The organization is unique in the nation because it works collaboratively with large and community hospitals throughout New England including nine states and 210 cities and towns as well as with first responders, fire and police departments, ambulances and paramedics, patients and their families, academic medical centers, and other air medical providers.
“Boston MedFlight is an essential part of the healthcare ecosystem of Massachusetts,” said Boston MedFlight CEO Maura Hughes. “We are proud to be a nonprofit and the largest air medical transport organization in the state, with more than 200 employees. This partnership allows us to continue providing the best and safest equipment available, further enhancing our patient care capacity.”
MassDevelopment has previously supported Boston MedFlight with tax-exempt lease financings totaling approximately $80 million to help the organization acquire two Cessna Citation CJ4 jet airplanes and seven medically configured helicopters.
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2024, MassDevelopment financed or managed 349 projects generating investment of more than $3.5 billion in the Massachusetts economy. These projects are estimated to create or support 22,426 jobs and build or preserve 1,754 housing units.