UNM gets loan for new medical center

RIO RANCHO, N.M. (AP) - The University of New Mexico has received a federal loan guarantee for more than $143 million to build and equip a state-of-the-art teaching hospital in Rio Rancho.

The university is receiving the loan guarantee for the new Sandoval Regional Medical Center from the U.S. Department of Housing and Urban Development.

The 200,000-square-foot medical center will have 68 beds and will be located on 18 acres of land currently owned by the university.

UNM regents have authorized a contribution of about $49 million to the project.

Once complete, the hospital is expected to support more than 1,500 full-time employees and contribute more than $250 million to the local economy each year.