For Immediate Release
HEALTH REALTY ADVISORS INC. ANNOUNCES $38 MILLION SALE-LEASEBACK ON BEHALF OF CROZER-KEYSTONE HEALTH SYSTEM
Springfield, Pa. – Oct. 21, 2009 – Michael Goldenberg, President of Health Realty Advisors, Inc., announces the completion of a $38 million sale-leaseback transaction on behalf of Crozer-Keystone Health System. The sale of the property on the Springfield Hospital campus gives Crozer-Keystone access to significant capital at a time when funds are difficult to procure.
“Crozer is to be commended for its creativity and ingenuity in using its real estate holdings to access capital,” said Goldenberg.
The parcel includes two 40,000 square-foot medical office buildings, all of which are fully occupied with many specialty practices, and the 176,500 square-foot Healthplex, a medically integrated wellness-facility run by Crozer-Keystone. A. Margolis Realty Co., which has a health care real estate division, served as broker on the transaction.
“In 2007, Crozer-Keystone Health System began to look for opportunities to increase balance sheet liquidity by unlocking built up value in real estate holdings. This transaction allows us to better position the system financially while remaining committed to our mission,” said Philip J. Ryan, CPA, senior vice president and CFO of the Crozer-Keystone Health System. “We could not have gotten this deal closed without Michael Goldenberg. His understanding of our business coupled with his experience in closing transactions was invaluable to us.”
Health Realty Advisors, Inc. identifies and negotiates creative real estate finance solutions for hospitals, physicians, universities and social service agencies. Their unique understanding of these highly specialized businesses allows them to match real estate and finance solutions to their clients’ missions. HRA President Michael Goldenberg has completed more than $200 million in transactions since 1989.
For more information contact Jennifer Bilotta at 609-682-4145 or jbilotta@startoplin.com.
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