Real Estate

Two Boston Hospitals Sell for $90M

BraintreeHospsSaleLsbckPRPicforNERH Ext TL Plyon 4166 Jan9AM,2014Boston – Jones Lang LaSalle’s (JLL) Capital Market’s experts recently announced 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, marking the Boston area’s largest healthcare property sale in 2013.  In addition, JLL assisted The Sanders Trust in securing acquisition financing through Regions Bank, Customers Bank, IBERIABANK and Cadence Bank.

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.”

The two hospitals sold are the 166-bed Braintree Rehabilitation Hospital located in Braintree, MA and the 168-bed New England Rehabilitation Hospital located in Woburn, MA.  Both hospitals operate several other in-patient and outpatient locations in eastern Massachusetts.