FOR IMMEDIATE RELEASE
December 10, 2025
GANADO, Ariz. – Sage Memorial Hospital has been named the overall 2025 Deal of the Year by The Bond Buyer, the municipal finance industry’s highest honor. The hospital’s $80 million unrated tax-exempt bond issuance was selected as the national winner from 10 exceptional finalists at the 24th Annual Deal of the Year Awards gala held Dec. 2, at Guastavino’s in New York City.
The project, which was financed by the hospital revenue bond offered through a conduit issuer, Arizona Industrial Development Authority, also won Deal of the Year in the healthcare financing category. The groundbreaking transaction marks the first-ever successful non-rated tax-exempt health care revenue bond offering for a hospital with an entirely indigenous management team and governance.
The innovative financing recapitalized the construction of a state-of-the-art 140,296 sq. ft. hospital. Key features include 16 inpatient beds (7 swing beds), two operating rooms with eight pre/post-op bays, three labor & delivery rooms, two postpartum rooms, and a four-bed ICU. The 24/7 Emergency Department offers two trauma bays and eight exam rooms, backed by advanced imaging (CT, MRI, mammogram, DXA, X-ray, and ultrasound with ECHO). Outpatient and specialty services comprise 30 exam rooms (including telehealth), five specialty clinics, rehabilitation therapy with PT gym, nine optometry rooms (six lanes), 12 dental operatories, a full pharmacy, and complete lab/microbiology services. Behavioral Health and Traditional Healing remain in the existing building. Proceeds also funded “Apartments at Sage” — a 27-unit complex with one-, two-, and three-bedroom units for healthcare professionals. Opened in August 2024, the new hospital is already transforming health care for the Navajo Nation and surrounding communities.
Mike Scarchilli, Editor in Chief of The Bond Buyer, explained the selection in a Dec. 2 article published by the outlet: “This selection speaks to the heart of what these awards celebrate. It is not simply the size of a transaction, nor is it novelty for novelty’s sake. It is the clarity of purpose, the precision of structure and the courage to open a door that has too often been closed. This transaction stood out for transforming access into outcomes and financial ingenuity into community impact.
[The deal] delivered permanent, long-term financing for a mission-critical community facility. It relied on a structure that broadened market access, even without external ratings; it aligned repayment with real operating performance while thoughtfully incorporating targeted support; and it advanced essential services in a place where distance and history have long imposed barriers. Most importantly, it charts a replicable path for others facing similar challenges.”
“This National Deal of the Year award marks a triumphant milestone for Sage Memorial Hospital, symbolizing a remarkable shift in our community’s understanding of financial empowerment,” said Delores Noble, Board Chair of Sage Memorial Hospital. “Historically, our people have demonstrated remarkable resilience, pulling resources to support collective well-being, as seen in our traditional healing ceremonies. This same spirit of collaboration has enabled us to overcome incredible obstacles and bring quality healthcare to our people. Our ancestors would be proud to see their legacy of community-driven progress continue, inspiring a brighter future for generations to come.”
“We are deeply honored by this recognition,” said Melinda White, Chief Executive Officer of Sage Memorial Hospital. “This award belongs to the Navajo people we serve, our dedicated staff, and the partners who refused to accept barriers as permanent. It proves that tribal health systems can compete—and lead—at the highest levels of finance.”
Sage Memorial Hospital extends heartfelt gratitude to its financial advisor Kaufman Hall, its legal counsels Hobbs Strauss Dean & Walker and Mangum, Wall, Stoops & Warden, its placement agent Blaylock Van, its Bond Counsel Norton Rose Fulbright, the Arizona Industrial Development Authority, and importantly, the investors and their counsel who spent the time necessary to understand the Sage Memorial Hospital story.
“The greatest success for Kaufman Hall is seeing the opening of the new Sage Memorial Hospital,” said John Andersen, CFA, Senior Vice President at Kaufman Hall. “Accomplishing this at a time when rural healthcare access broadly, and particularly on indigenous reservations, is under serious threat, is a testament to Sage’s determination, to the deal team that saw it through, and to the investors who recognized the value their participation could make.”
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About Sage Memorial Hospital
Located in Ganado, Arizona, Navajo Health Foundation – Sage Memorial Hospital is a 25-bed critical access hospital and the only tribally owned and operated health care facility of its kind, providing comprehensive services to the Navajo Nation and surrounding communities.
About Kaufman Hall, a Vizient Company
Kaufman Hall, a Vizient company, provides management consulting solutions to help society’s foundational institutions realize sustained success amid changing market conditions. Since 1985, Kaufman Hall has been a trusted advisor to boards and executive management teams, helping them incorporate proven methods, rigorous analytics, and industry-leading solutions into their strategic planning and financial management processes, with a focus on achieving their most challenging goals.
Kaufman Hall services use a rigorous, disciplined, and structured approach that is based on the principles of corporate finance. The breadth and integration of Kaufman Hall advisory services are unparalleled, encompassing strategy; financial and capital planning; performance improvement; treasury and capital markets management; mergers, acquisitions, partnerships, and joint ventures; and real estate.
Please note that content included on this page includes testimonials, as defined by MSRB Rule G-40. This testimonial originated from an individual not affiliated with a current municipal advisory client. This testimonial may not accurately represent the experiences of all clients and should not be interpreted as a guarantee of future performance or success.
MEDIA CONTACT:
Christian Bigwater
Chief Patient Experience Officer
Sage Memorial Hospital
christian.bigwater@sagememorial.com
Office – (928) 755-4532 | Cell – (928) 221-4205
