The four-story expansion is the result of "significant volume growth over the past five years," says Deborah Cardello, chief operating officer of the facility. The project will also expand the hospital's emergency facilities ad add radiology and lab facilities, according to Cardello. Construction is expected to be completed by mid-2007.
The expansion is being funded by the New Jersey Healthcare Facilities Financing Authority through low-interest loans. According to a spokesman, the agency is issuing bonds to cover the funding. Altogether the agency is lending Robert Wood Johnson just under $95.7 million, with $65.4 million of that going for the expansion project and other on-site renovations. The remaining $30.3 million will be used to refinance bonds that were issued on behalf of RWJ in 1994 by the New Jersey EDA.
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