News: Front Section
Posted: January 23, 2014
Jones Lang LaSalle arranges $90 million sale of two hospitals on behalf of Reliant Hospital Partners, LLC
Jones Lang LaSalle's (JLL) capital market's experts completed the purchase of two Boston-area hospitals on behalf of Reliant Hospital Partners, LLC of Richardson, TX. Along with a joint venture of The Sanders Trust of Birmingham, AL and Harrison Street Real Estate Capital of Chicago, IL, the parties purchased the hospitals for $90 million from Senior Housing Properties Trust of Newton, MA.
In addition, JLL assisted The Sanders Trust in securing acquisition financing through Regions Bank, Customers Bank, IBERIABANK and Cadence Bank.
The two hospitals sold are the 166-bed Braintree Rehabilitation Hospital located in Braintree, and the 168-bed New England Rehabilitation Hospital located in Woburn. Both hospitals operate several other in-patient and outpatient locations in eastern Mass.
Managing director Mindy Berman and vice president Daniel Turley led the JLL team on this transaction, while senior vice president Jon Schneider secured the debt.
"Both hospitals presented an incredible opportunity to invest in nationally-recognized facilities with strong performance records," said Berman. "This transaction allows Reliant Hospital Partners to expand its corporate presence with well-established operations in a desirable northeastern U.S. metro market."
JLL capital markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients -whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, JLL capital markets completed $63 billion in investment sale and debt and equity transactions globally. The firm's dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm's capital markets team comprises more than 1,300 specialists, operating all over the globe.
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