MPT Completes Acquisition and Leaseback of Hackensack University Medical Center - Mountainside for $115 Million
Medical Properties Trust, Inc. has completed the acquisition of Hackensack University Medical Center - Mountainside for approximately $115 million.
This 365-bed general acute care hospital, which now employs more 1,600 people including a medical staff of 665 professionals, has been serving Montclair, New Jersey, and the surrounding communities since 1891.
"We are very pleased to begin a relationship with LHP Hospital Group, the new operator of the hospital, through the acquisition and leaseback of this well-positioned facility," said Edward K. Aldag, Jr., Chairman, President and CEO of Medical Properties Trust, Inc.
LHP, which is a for-profit company based in Plano, TX, entered into a creative joint venture with not-for-profit Hackensack University Medical Center. MPT's investment in the venture provides much needed capital to help this highly respected hospital upgrade its medical programs, technology and patient-focused care.
"We believe this represents an acknowledgement by a sophisticated, not-for-profit system and its partner that real estate financing provides an attractive form of capital financing to enhance an acute care hospital," Aldag noted.
"MPT's investment in Mountainside underscores our continuing market leadership and demonstrates our desire to support other forward-looking hospitals through future acquisitions," he said.