Sponsored by VMG Health | info@vmghealth.com | 214.369.4888

Bankruptcy judge tentatively approves North Philadelphia Health System's $10.3M property sale

A U.S. bankruptcy judge tentatively approved the sale of several properties belonging to North Philadelphia Health System for $10.25 million Aug. 15, philly.com reports.

Ironstone Real Estate Partners in Philadelphia purchased NPHS' Girard Medical Center and Goldman Clinic — both in Philadelphia — for $8.5 million during a bankruptcy auction Friday. IREP officials said they intend to maintain the functions of both properties and will provide an additional $2.9 million to the city to lease the facilities for one year. NHS Human Services in Lafayette Hill, Pa., will provide health services at both sites.

Following the end of the year-long lease, city officials told philly.com they "are hoping for a long-term arrangement to be developed between Ironstone and NHS."

As part of the deal, the city also agreed to waive $6 million the medical center amassed in debts, the report states.

Additional properties belonging to the health system were sold to a nonprofit poverty and homeless housing organization for $1.75 million during the auction, according to the report.

The transactions are pending final review.

More articles on transactions and valuations:
Nemours, West Florida Healthcare partner on pediatric care wing
Gundersen Health System acquires Wisconsin hospital
Northwell Health adds 350-member visiting nurse association to home care network

© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.


Top 40 Articles from the Past 6 Months