- Dana-Farber Cancer Institute plans to demolish the Joslin Diabetes Center building in Boston to make way for its recently announced 300-bed, 450,000-sf cancer hospital, which it plans to build with Beth Israel Deaconess for $1.7B.
- Howard University has announced plans to build a new $650M, 200-bed hospital in Washington, D.C. The University stated its commitment to proceed with construction even though talks with Adventist HealthCare to purchase the facility have stalled.
- Geisinger Health System announced an $880M expansion of its Danville, PA medical center, to include a new 11-story medical tower focused on enhancing patient care capabilities and meeting growing healthcare demands in the region.
- In an effort to invest more in ASCs, imaging and PT, Ascension has announced five sizable divestitures in 2024: (1) the sale of Ascension St. Vincent’s Health System (five hospitals) in Birmingham, AL; (2) the sale of three hospitals and one ASC by Ascension Michigan; (3) folding a number of other Ascension Michigan hospitals into a new JV branded as Henry Ford Health; (4) the sale of Ascension Via Christi Hospital in Pittsburg, KS; and (5) the sale of Our Lady of Lourdes Memorial Hospital in Binghampton, NY.
- OSF St. Francis Hospital and Bellin Health are collaborating to open a new cardiac cath lab in Michigan’s upper peninsula. This marks the second phase of an OSF-Bellin JV that began with a cardiology clinic last year in Escanaba, MI.
- A recent ruling by the Connecticut Supreme Court affirmed a town’s authority to levy personal property taxes on a hospital where the facility housing the personal property is leased. In ruling that the assets were taxable, the court assailed what it viewed as “complicated leasing arrangements” designed to get around the ownership requirement of state tax exemption law.
- Massachusetts General Hospital awarded $18M to various affordable housing initiatives in Boston. MGH plans to award another $44M of community impact funding in the fall.
- The WSJ reported on rising defaults in commercial real estate mortgage bonds. Credit rating agencies originally gave many of the bonds AAA ratings, making the losses particularly jarring for investors. Almost $200B of single-asset, single-borrower bonds will come due between 2024-2027.
- Despite increasing scrutiny on private equity in health care, a recent report indicated that PE-backed providers account for just 3.3% of the U.S. health care provider market by revenue, and the amount of new PE investment in the sector has slowed steadily over the past six years.
- IU Health announced plans to build a $421M hospital in Fort Wayne, IN. The project will feature 140 beds and is expected to generate 500 new jobs.
For more information on real estate matters, please contact:
- Andrew Dick at adick@hallrender.com or (317) 977-1491;
- Joel Swider at jswider@hallrender.com or (317) 429-3638; or
- Your primary Hall Render contact.
Hall Render blog posts and articles are intended for informational purposes only. For ethical reasons, Hall Render attorneys cannot give legal advice outside of an attorney-client relationship.
