Hoboken University Medical Center Officially Sold

Funds to defease the city's $52 million bond on the Hoboken University Medical Center were wired on Friday morning, marking the official sale of the state's oldest hospital to private bidder—and primary owner of Bayonne Medical Center—HUMC Holdco LLC.

Phillip Schaengold, who served as the transition officer of the sale, will function as HUMC's CEO.

"We are pleased that this process has come to an end," Schaengold said in a press release on Friday afternoon, "and excited to lead HUMC into a promising and bright future."

Mayor Dawn Zimmer also sent out a release on Friday afternoon, thanking the Hoboken Municipal Hospital Authority.

"When I took office two years ago, saving our hospital was my highest priority," Zimmer said in her statement. "Virtually no one believed that achieving our twin goals of saving our hospital and relieving our City of its $52 million bond guarantee was possible."

when the city council approved a parking agreement necessary to facilitate the sale.

According to the contract, the hospital is to remain an acute care facility for at least seven years. Holdco will be running the hospital, and is financing the roughly $90 million deal by ways of a sale-lease back agreement with an Alabama firm.