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September 27, 2016 Comments Off on Medical Property Trust to Pay $1.25B for Nine Hospitals Views: 775 Acute Care Facilities, Alabama, Healthcare News, Massachusetts, National News, Northeast, Southeast

Medical Property Trust to Pay $1.25B for Nine Hospitals

Birmingham, AL-based Medical Properties Trust Inc. struck a deal with Steward Health Care System LLC to acquire real estate interests of nine acute care hospitals. The $1.25 billion deal includes $1.2 billion in the hospital real estate, and a $50 million investment in Steward. Steward is owned by its management team and Cerberus Capital Management.

MPT’s interest will be subject to a master lease and mortgage loan arrangements with cross-fault provisions, and backed by a corporate guarantee. The master lease has a 15-year initial term and three five-year extension terms, representing approximately $600 million. The cross-defaulted mortgage loans have similar aggregate value.

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