New Jersey’s Aspire tax credit program requires applicants to demonstrate both sufficient market demand and financial feasibility for the approval of incentives. RWJ Barnabas Health, one of New Jersey’s largest health systems, engaged ESI to conduct a market study and financial feasibility analysis in support of its Aspire application for the proposed Monmouth Medical Center Vogel Medical Campus, a new acute care hospital in Tinton Falls, New Jersey.
ESI developed a pro forma modeling framework aligned with Aspire program guidelines, incorporating detailed analyses of construction and development costs, projected financial return thresholds, financing structures, and site-specific market conditions. In parallel, ESI assessed regional market demand through a review of demographic trends, economic indicators, and healthcare utilization patterns in Monmouth County and the surrounding region. Finally, ESI conducted a scan of comparable real estate assets and healthcare facilities to benchmark potential performance. The financial modeling and market analysis were integrated to produce side-by-side projections of project viability with and without the tax credit to enable the state to evaluate the project relative to program standards.
The study confirmed sufficient market demand to support a new acute care hospital in Tinton Falls, reinforcing alignment with demonstrated community healthcare needs. Financial modeling demonstrated that the Aspire tax credit financing would enable the project to achieve long-term financial feasibility, providing the essential evidentiary foundation for RWJ Barnabas Health’s Aspire tax credit application.
