Healthcare Financing

Venable has guided the financing of municipal, educational, healthcare, and cultural facilities for more than 100 years. We have significant experience serving as bond counsel, and in representing and counseling healthcare providers, ranging from internationally prominent hospitals to independent nursing homes, commercial banks, underwriters, and issuers in the capital structures and needs of the healthcare industry.

We routinely represent hospitals, health systems, continuing care retirement communities, and other not-for-profit providers in many types of financings, from publicly offered fixed-rate bonds, to private placements and bank-held bonds issued through a variety of state and local issuers. Such representations cover the full financing process, from drafting initial corporate approvals on the front end to guidance with the post-issuance compliance and reporting that follow from such debt. We also represent hospitals with the financing of hospital and non-hospital facilities, including medical office buildings, nursing homes, and assisted-living facilities.

For example, Venable serves as lead counsel to a large medical center in matters related to financing, bond allocations, and bond issuances. Recently, Venable attorneys structured a tax-exempt refinancing of short-term bank-supported debt and other outstanding debt to long-term, tax-exempt fixed rates, together with additional borrowing to support facility improvements. Venable represented the nation’s largest health insurer in its investment in a limited partnership.

New Markets Tax Credits (NMTCs) have helped Venable clients finance both for-profit and not-for-profit projects in low-income communities. Venable’s tax-exempt financing clients include Peninsula Regional Health System, Anne Arundel Health System, and The Johns Hopkins University. Venable has represented various tax-exempt organizations in obtaining the benefit of NMTCs as part of the financing for their projects, and Community Hospitality Healthcare Services, LLC, a community development entity, in placing its New Markets Tax Credit allocations in healthcare facility transactions around the country.

Our nationally ranked health care practice and many of its attorneys have been recognized as leaders in the field by Chambers USA: America's Leading Lawyers for Business; U.S. News-Best Lawyers: Best Law Firms; Best Lawyers in America; and Nightingale's Healthcare News. These accomplishments are merely a sample of our group's capabilities. We advise our clients every day on countless healthcare issues in a manner that ensures their businesses remain viable, as they maintain regulatory compliance and provide quality healthcare services to the populations they serve.


  • Represented a regional medical center and its affiliates in the financing of non-hospital facilities
  • As counsel to The Johns Hopkins University, Venable helped the University update its debt structure through the issuance of $355,000,000 of taxable bonds, $99,625,000 of tax-exempt bonds, implementation of standby liquidity facilities supporting variable-rate debt and commercial paper, and implementation of lines of credit
  • Represented a regional hospital in the financing of its medical office building and of its joint venture with a leading provider of short-term post-acute, rehabilitation, skilled nursing, and long-term care services in the construction of a new nursing home
  • Helped Frederick Memorial Hospital in the issuance of $166,260,000 of tax-exempt revenue bonds in two series: one a fixed-rate series and the other a multi-modal series initially issued for a ten-year period at a floating rate based on LIBOR
  • Represented Montgomery County, Maryland in connection with the issuance of $164,010,000 of tax-exempt bonds for a multi-state hospital system
  • Represented a senior living company in several financings of a small portfolio of assisted-living facilities


  • Chambers USA, Healthcare, Maryland, 2016 – 2021
  • U.S. News – Best Lawyers, Best Law Firms, Health Care Law (Tier 1), Baltimore, 2011 – 2018
  • The Best Lawyers in America, 2012 – 2021 (Venable attorneys selected for inclusion)
  • Nightingale’s, Outstanding Healthcare Antitrust Lawyers, 2010