Cost-Effective Financing Enables Central New York's Leading Medical Center to Enhance Patient Care
ALBANY, NY – The Dormitory Authority of the State of New York (DASNY) announced the closing of $35.88 million in tax-exempt lease financing for SUNY Upstate Medical University through DASNY's Tax Exempt Leasing Program (TELP I).
The financing will enable the purchase of essential medical equipment including a new MRI machine for advanced diagnostic imaging, pharmacy systems to enhance medication safety, imaging technology that improves surgical precision, patient monitors that provide real-time health data, and information technology infrastructure across Upstate's Downtown and Community campuses. This investment will enhance patient diagnoses, improve treatment outcomes, and ensure Central New York residents have access to the latest medical technology at Upstate's facilities.
DASNY's Tax Exempt Leasing Program provides healthcare, educational, and other approved nonprofit entities with cost-effective financing options for equipment purchases, allowing these institutions to maintain state-of-the-art technology while maximizing their operational resources.
DASNY President and CEO Robert J. Rodriguez said, "Modern medical equipment is essential for delivering high-quality healthcare to New Yorkers. Through DASNY's Tax Exempt Lease Program, we are providing Upstate Medical University with a cost-effective financing solution that saves money through lower interest rates and streamlined processes. This $35.8 million investment strengthens healthcare infrastructure across Central New York, ensuring that patients throughout the region have access to advanced diagnostic and treatment capabilities."
Dr. Robert Corona, CEO of Upstate University Hospital said, "This equipment will directly improve patient outcomes in Central New York. New imaging technology will help detect diseases earlier when they are more treatable. Updated patient monitoring systems will alert our healthcare teams faster when intervention is needed. Modern pharmacy systems will enhance medication accuracy and safety. As the region's only academic medical center and Level I trauma center, these technological advancements ensure we can provide the highest level of care to our patients while training the next generation of healthcare professionals."
The equipment purchases include:
- $2.77 million for an MRI machine that provides detailed images to diagnose conditions
- $2.41 million for pharmacy equipment that improves medication safety and efficiency
- $2.38 million for imaging equipment including C-arms that guide surgeons during delicate procedures
- $2 million for patient monitors that track vital signs and alert staff to changes in patient condition
- $1.5 million for patient beds designed to reduce falls and pressure injuries
- $7.44 million for IT upgrades supporting electronic health records and telemedicine
- $17.17 million for various hospital equipment including surgical systems and diagnostic tools
The new technology will benefit patients at both the Downtown and Community campuses in Syracuse, improving healthcare delivery throughout Central New York. Upstate Medical University serves as the region's only Level I trauma center and is the largest employer in Central New York, providing comprehensive healthcare services while training the next generation of healthcare professionals.
About DASNY
Founded in 1944, DASNY is New York State's capital project development authority. It finances and constructs sustainable and resilient science, health and education institutions that help New York thrive. It is one of the largest issuers of tax-exempt bonds in the nation with an outstanding bond portfolio of approximately $60.1 billion as of March 31, 2025. DASNY is also a prolific public builder with a construction pipeline of approximately 1,000 projects valued at more than $13 billion as of March 31, 2025. To learn more about DASNY, visit www.dasny.org.