The centerpiece of the project is a new 223-bed hospital and medical office building on a 165-acre parcel, slated to replace the aging Mercer Medical Center in Trenton. The site is along Scotch Rd. between an I-95 interchange and a Merrill Lynch office complex. Part two of the project entails a major revamp of Capital Health's Fuld Hospital in Trenton.

"Capital Health isn't building the Hopewell hospital alone," says Al Maghazehe, president and CEO of the company. "It is, in fact, the culmination of years of planning and efforts from people both within our organization and throughout the many different partnerships we've made in the community. We've taken unprecedented actions to reach out to local businesses to help them learn about the opportunities available to them on this project."

And the project is getting done with the help of HUD, which is insuring a $777-million loan coming through the Federal Housing Administration's Section 242 Hospital Mortgage Insurance Program. According to information released by HUD officials, the insurance has enabled Capital Health to pick up lower-cost financing that will save an estimated $487 million in interest payments throughout the life of the loan.