News: Front Section
Posted: April 1, 2022
CBRE advises on $1.7 billion portfolio recapitalization and debt financing of eight inpatient hospitals in Massachusetts
Boston, MA CBRE advised on the equity recapitalization and debt financing of a $1.7 billion portfolio consisting of eight inpatient general acute care hospitals located in Massachusetts. CBRE advised Medical Properties Trust, Inc. (MPT) to first source a new equity partner to recapitalize the assets, and then CBRE sourced the debt financing for the newly formed joint venture ownership entity.
MPT formed a joint venture with Macquarie Infrastructure Partners V, a private fund managed by Macquarie Asset Management (MAM), to form a partnership pursuant to which a MAM-controlled subsidiary has acquired a 50% interest in the portfolio of eight hospitals owned by MPT and operated by Steward Health Care System (Steward).
The hospitals include:
- Saint Elizabeth’s Medical Center – Brighton, MA;
- Holy Family Hospital – Methuen - Methuen;
- Holy Family Hospital – Haverhill – Haverhill;
- Good Samaritan Medical Center - Brockton;
- Saint Anne’s Hospital – Fall River;
- Morton Hospital – Taunton;
- Nashoba Valley Medical Center – Ayer; and
- Carney Hospital - Dorchester.
CBRE brought together an international team of capital markets professionals for the execution of the deal. For the equity partner sourcing, Keith Harris of CBRE’s operational real estate group based in London partnered with Lee Asher, Chris Bodnar, Ryan Lindsley, and Jordan Selbiger of CBRE’s U.S. healthcare & life sciences capital markets group to advise MPT in the recapitalization of the assets. James Millon, a global institutional debt advisory specialist with CBRE based in New York, sourced the debt financing for the new joint venture between MPT and MAM.
“This was a rare opportunity for an investor to partner with MPT to recapitalize the largest acute care hospital portfolio to come to market,” said CBRE’s Asher. “These are unique inpatient assets in critical healthcare markets in Massachusetts, and we believe the newly formed joint venture will successfully support Steward’s hospital operations and mission to deliver the highest quality care to its patients.”
Tags:
Front Section
MORE FROM Front Section
Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
Quick Hits
.png)
Columns and Thought Leadership
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
