SMCC gets $17.5 million loan for medical office building

Southern Maine Medical Center in Biddeford has been given a $17.5 million loan to help cover the costs of constructing a medical office building and fixing existing buildings.

The board of directors of the Finance Authority of Maine approved the bond financing package for the hospital on June 20.

Norman Belair, SMCC’s vice president of finance and its chief financial officer, said the project’s centerpiece will be a 40,000-square-foot office building on Barra Road, in the city’s business park.

In addition to medical offices, the building will house a physical and occupational rehabilitation clinic.

SMMC, which is licensed for 150 hospital beds, has 100 physicians with offices in Saco, Biddeford, Old Orchard Beach and Kennebunk affiliated with the hospital.

 

Home prices jumped 12.2% in May, most in seven years

U.S. home prices jumped 12.2 percent in May from a year ago, the most in seven years. The increase suggests the housing recovery is strengthening.

Real estate data provider CoreLogic said Tuesday that home prices rose from a year ago in 48 states. They fell only in Delaware and Alabama. And all but three of the 100 largest cities reported price gains.

CoreLogic also says prices rose 2.6 percent in May from April, the 15th straight month-over-month increase.

 

Factory orders rose in May in boost for manuacturing

Orders to U.S. factories rose in May, helped by a third straight month of stronger business investment. The gains suggest manufacturing may be picking up.

The Commerce Department said Tuesday that factory orders rose 2.1 percent in May. April’s increase was revised higher to 1.3 percent from 1 percent.

 

Despite eavesdropping, EU to talk trade with U.S.

The European Union confirmed Tuesday that free-trade negotiations with the United States should kick off as planned next week, despite widespread concerns over the alleged eavesdropping of EU diplomats.

The Commission, the EU’s executive branch that leads the negotiations on behalf of its 28 members, said the planned start of talks in Washington next Monday “should not be affected” by the surveillance scandal that has emerged in recent days.

 

Ex-Tyco CEO loses bid for new parole hearing

A court in New York rejected a request Tuesday for a new parole hearing by former Tyco CEO Dennis Kozlowski, who became the face of corporate greed after his 2005 conviction in a $100 million fraud scheme.

Kozlowski was denied parole in April 2012 and challenged the decision. Kozlowski, now 66, and former Tyco International Ltd. chief financial officer Mark Swartz, 52, were convicted of fraud and larceny and sentenced to 81/3 to 25 years in prison. Both have parole hearings scheduled in September.