Nashville’s Belmont University is more than doubling its debt to build classrooms for a not-yet-accredited new medical school, aiming to help alleviate a nationwide doctor shortage.
The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County is selling $187.5 million of municipal bonds on behalf of Belmont. Proceeds will be used to construct laboratories and classrooms for a school “focused on training diverse physician leaders who embrace and value a whole-person approach to healing,” according to the bond-offering documents. A portion of funds will also be used to finance the construction of a 719-bed residence hall.
“The addition of a medical school certainly is a reflection of the need out there in US health care for doctors and other medical professionals,” said Gabe Diederich, a portfolio manager at Robert W. Baird & Co. That is especially true in fast-growing areas like Nashville, he said. No longer affiliated with a particular denomination, the university had a 56-year link with the Tennessee Baptist Convention, which eventually sued because Belmont wanted to add non-Baptists to its board. Under the terms of Belmont’s $11 million settlement in 2007, it agreed to pay the convention $1 million, then $250,000 annually for 40 years.
An aging population is also heightening the need for doctors, with many near retirement age and others leaving the field after the stress of the pandemic, according to the Association of American Medical Colleges, which forecast a shortage of up to 124,000 physicians by 2034.Bond investors must still recognize the risks that can come with the deal, Diederich said, noting construction risk, general execution and even things like going through the accreditation process.
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