Press Release

For More Information Contact the NJHCFFA
Communications Department:
609-292-8585 X142
For Release: September 9, 2005
MARK E. HOPKINS
EXECUTIVE DIRECTOR

CONTACT: Stephanie Zschunke
PHONE: 609-292-8585
Date: September 9, 2005

 

NJHCFFA and the STATE OF NEW JERSEY DEPARTMENT OF HUMAN SERVICES WORK TOGETHER for GREYSTONE PARK PSYCHIATRIC HOSPITAL

 

(Trenton)  On September 8, 2005, the New Jersey Health Care Facilities Financing Authority (the "Authority") closed a $186,565,000 bond issue on behalf the State of New Jersey Department of Human Services (the "Department") for the completion of a new Greystone Park Psychiatric Hospital in Morris County.

 

As the primary issuer of municipal bonds for New Jersey's health care organizations, the Authority has issued over $11 billion in bonds on behalf of over 140 organizations throughout the state.  Since most of the Authority's bond issues benefit private health care organizations, however, it has been only a rare occurrence for the Authority to provide funding for a State project.  The Greystone Park Psychiatric Hospital is one such example, and the Authority staff and Membership are proud to have been able to participate in the project.

 

Acting Governor Richard J. Codey, a strong supporter of the project, stated,  "Over the years the hospital became a symbol of the neglect that plagued New Jersey's mental health system. Those days are over."  The nearly $200 million in bonds will allow the Department to complete a new, smaller hospital to replace the several aging buildings on the Greystone campus that used to house and treat about 550 patients.  In addition to 450 beds, the new facility will house administrative offices and other ancillary facilities.  Also, several cottages on the campus will undergo renovations to house an additional 60 residents, bringing the full complement of the facility up to 510 beds. 

 

The new hospital and these cottages will allow for new treatment programs in which patients who are clinically appropriate for discharge are able leave the hospital.  As stated by Acting Governor Codey, the project gives New Jersey "a smaller, better and safer Greystone that reflects a new focus on improving mental health care across our state.

 

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