- Federal Reserve officials are expected to meet on Tuesday and Wednesday to discuss whether interest rates should be cut. There is speculation the rate cut could be as low as 25 bps and as high as 50 bps.
- A new article compares the assessed value and lease value of the Steward Health real estate assets. In some cases, the lease value was five times the assessed value. In court documents, Steward argued the rental rates under its leases were “above-market, burdensome and inflated.” Medical Properties Trust, in a new filing, says it has $2.3B worth of real estate that it will need to re-lease or sell as part of the Steward Health bankruptcy.
- A new study indicates that Las Vegas is in need of a free-standing children’s hospital. A new 150-bed children’s hospital would cost $1B. The project would generate $1.2B in economic revenue annually and create 5,845 jobs. A group of key stakeholders need to come together to raise funds and identify a site for the project.
- A new report links housing affordability to negative health outcomes for Utah residents. Utah was listed as one of the least affordable states to buy a home. The lack of affordable housing often pushes lower-income residents into 1) substandard housing, 2) neighborhoods with higher crime rates, and 3) resource-poor communities. All of these factors can have a negative impact on the physical and mental health of low-income residents.
- The largest medical outpatient building (MOB) lenders, according to Berkadia’s Medical and Life Sciences Research Report, are 1) Capital One, 2) BMO Financial, 3) US Bancorp, 4) First Citizens, and 5) Bank of America.
- Hall Render will be hosting a continuing legal education webinar titled Navigating the Shifting Landscape of Health Care Transactions on October 10, 2024. Sign up here.
- Cooper University Health Care announced new information for its “Project Imagine” expansion project in Camden, New Jersey. The project will cost an estimated $3B and will be one of the largest development projects on the East Coast. The first phase of the project will include a 333K/sf patient tower that will be constructed later this month.
- UC Health’s affordable housing initiative is starting to pay dividends one year into the program. The health system is using affordable housing as an incentive to recruit and retain clinical providers for its Steamboat Springs, Colorado hospital campus. The health system said applications are on the rise for new opportunities and employee turnover rates have decreased to the lowest level in eighteen months.
- A developer received approval for a development project in the Sacramento, California, metro area that includes plans for seven or eight MOBs.
- Health system executives believe the following buzzwords are overused or problematic for the health care industry: 1) workforce crisis, 2) burnout, 3) population health, 4) value-based care, and 5) bandwidth.
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.
