Fiscal board approves Carolina's $34.46 million medical tower note
The Financial Oversight and Management Board has approved a $34.46 million note that the Municipality of Carolina will sell to Oriental Bank to build Medical Tower Building II in the Carolina Medical District, The San Juan Daily Star reported on November 9, 2026. The board gave its approval in a letter dated November 6.
How the note works
The Municipal General Obligation Note of 2026, Series B, pays for a four-story building with 27 medical offices, the outlet reported. About $245,000 of the proceeds covers issuance fees and closing costs.
The note carries a fixed rate of 6.15% if it closes on or before November 30. A later closing moves it to the seven-year U.S. Treasury note rate plus 1.90%, with a minimum of 6.15%. Carolina repays it from its Special Additional Tax revenues in seven annual principal payments between July 1, 2027, and July 1, 2034, ending in a balloon payment.
The Fiscal Agency and Financial Advisory Authority asked the board for the authorization on September 14, the outlet reported. Noticel reported the same approval as a $34,460,000 note for a tower of four levels and 27 medical offices.
A tower project at a downtown property
The one project before the permits office that carries the district's name is Carolina Medical District Torre Medica Sur, at 6 Calle Luis Muñoz Rivera in Barrio Pueblo. Between September 1 and October 19, 2026, it filed requests for infrastructure, environmental, health and safety, and archaeology recommendations, the early reviews that come before a construction permit. The filings do not say whether it is the building the note pays for.
The archaeology request, filed on September 17, is recorded as approved. The infrastructure request filed on October 19 was sent back for corrections, and none of the property's filings is a construction permit.
The municipality bought the property on October 24, 2025, for $971,000, more than twice the $455,000 the seller paid on August 31, 2021. The deeds describe a building of 882.49 m2, and the property's lot measures 984 m2. Its second floor was advertised for lease from September 2022, and the last ad came down on November 12, 2025.
Other purchases in the town center
That deed is one of five purchases the municipality recorded in Barrio Pueblo between October 2025 and August 2026, for a combined $2,697,443. The others ranged from $260,000 to $650,000.
At 6 Calle Salvador Brau, which the municipality bought for $260,000 on December 12, 2025, a permit to demolish two two-story structures was filed on June 10, 2026, and is recorded as approved.
