In June 2007, Mercy Medical Center announced that its new 18-floor, $400 million hospital would be built, pretty much next door to its existing facility. And then, the hospital proceeded to build it, in substantial part with money it had already raised. In other words, instead of borrowing every cent (and more), and expecting the value of its building to increase, allowing for easy refinancing, ad infinitum, like just about every other developer (of hotels, houses, condos, office buildings, etc.) did, Mercy is building what it needs and can afford. Not coincidentally, the hospital is also not bankrupt. Here's to you, giant nuns.

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