Washington Trust leads $75.6 million financing deal for new orthopedic medical office building and ambulatory surgery center in Waltham, Massachusetts
June 30, 2026
WESTERLY, R.I. — The Washington Trust Company (Washington Trust), a premier Northeast regional bank, today announced it led $75.6 million in construction-to-permanent financing for a new 79,500-square-foot orthopedic ambulatory surgery center and medical office building in Waltham, Massachusetts, expanding access to outpatient orthopedic care in the Greater Boston region.
The new facility was completed in June 2026 and is a joint establishment of Boston Bone & Joint Institute (formerly known as the Boston Sports and Shoulder Center), Boston Out-Patient Surgical Suites, Boston Orthopaedic & Spine, and Pro-Sports Physical Therapy.
Boston Bone & Joint Institute and Boston Orthopaedic & Spine previously supported their operations through their affiliation with Boston Out-Patient Surgical Suites’ ASC at 840 Winter Street, Waltham—in a leased 10,000-square-foot space with 3 operating rooms.
Located at 71 Border Road, the newly constructed 79,500-square-foot building is the largest orthopedic ambulatory surgery center and medical practice building in Greater Boston. More than 30 providers affiliated with Beth Israel Lahey Health will offer specialized outpatient services and care including orthopedic surgery, joint replacement, spine procedures, and sports medicine.
The building houses 8 operating rooms, 28 recovery bays, two floors of medical offices, a dedicated physical therapy space, a lab, a sterile processing unit, and a three-level parking structure with 331 spaces. The 33,480-square-foot ambulatory surgery center is expected to significantly increase surgical volume and efficiency, enabling physicians to treat more patients—particularly for high-demand services such as joint replacement and sports medicine—while reducing wait times.
As health care continues to evolve, the project represents a forward-looking model that prioritizes accessibility and patient-centered design. By shifting appropriate procedures into outpatient surgical settings, the center will help reduce pressure on hospital systems while offering patients more options and convenience in where they receive care.
The total project cost of approximately $105 million represents a significant investment in the health care and life sciences corridor in Waltham and Greater Boston.
"This new facility represents a major step forward in how we deliver orthopedic care in Greater Boston," said Jacob Kirsch, MD, orthopedic shoulder specialist at Boston Bone & Joint Institute. "By bringing together advanced surgical capabilities, physician expertise, and integrated rehabilitation services under one roof, we're able to provide a more seamless and efficient experience for patients. Our state-of-the-art surgery center allows us to perform high-quality procedures with greater convenience, helping patients recover faster and return to the activities they enjoy. Importantly, this facility reflects our steadfast commitment to delivering the highest quality orthopedic care while remaining independent, giving our patients the personalized attention of a physician-led medical practice and surgical center free from the constraints of large health care organizations."
“This project reflects Washington Trust’s commitment to financing high-quality health care and ambulatory surgery infrastructure that supports both patient outcomes and the long-term success of regional medical providers,” said Joseph Confessore, senior vice president and managing director, commercial and private banking, Washington Trust.
Washington Trust’s commercial banking group offers a full line of commercial, industrial and real estate lending and cash management services to leading companies, real estate developers, not-for-profits and municipalities throughout the Northeast. For more information, contact Joe Confessore at jmconfessore@washtrust.com or 401-348-1439.