CBRE advised on the successful equity recapitalization and debt financing of a $1.7 billion portfolio consisting of eight general acute care inpatient hospitals located in Massachusetts. CBRE advised Medical Properties Trust, Inc. (“MPT”) (NYSE: MPW) to first find a new financial partner to recapitalize the assets, and then CBRE provided the debt financing for the new joint venture.
MPT entered into a joint venture with Macquarie Infrastructure Partners V, a private fund managed by Macquarie Asset Management (“MAM”), to form a partnership whereby a subsidiary controlled by MAM acquired a 50% stake in the portfolio of eight hospitals owned by MPT and operated by Steward Health Care System (“Steward”). Hospitals are located in Brighton, Methuen, Haverhill, Brockton, Fall River, Taunton, Ayer and Dorchester, Mass.
CBRE assembled an international team of capital markets professionals to execute the transaction. In the search for financial partners, Keith Harris of CBRE’s London-based Operational Real Estate group has teamed up with Lee Asher, Chris Bodnar, Ryan Lindsley and Jordan Selbiger of CBRE’s US Healthcare & Life Sciences Capital Markets group to advise MPT in recapitalization of assets. . James Millon, global institutional debt advisory specialist at CBRE based in New York, financed the debt financing of the new joint venture between MPT and MAM.
“This was a rare opportunity for an investor to partner with MPT to recapitalize the largest portfolio of acute care hospitals to come to market,” said CBRE’s Asher. “These are unique hospital assets in Massachusetts’ critical healthcare markets, and we believe the newly formed joint venture will successfully support Steward’s hospital operations and its mission to provide the highest quality care to his patients.”
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