DALLAS — An affiliate of HCA Holdings Inc. has agreed to purchase the Forest Park Medical Center facility in Dallas, a 190,000-square-foot medical campus featuring 20,000 square feet of green space, for $135 million.
The physician-owned hospital will require approval from bankruptcy court to sell the property. If the transaction is approved, $124.6 million of the purchase price will be used to pay back the facility’s main debt holder, Sabra Health Care REIT Inc. (NASDAQ: SBRA). The publicly traded real estate investment trust refinanced the facility’s mortgage loan for $110 million in October 2013.
The owners of the Forest Park Medical Center health system created the Neal Richards Group LLC, headed by real estate developer Derrick Evers, to build the hospitals under the Forest Park umbrella and serve as landlord, according to reports by D Magazine.
Ascension Group Architects designed the Dallas campus, which features 84 luxury private inpatient rooms, 12 intensive care units, 22 operating suites, three special procedure and endoscopy suites, ancillary services and an imaging center.
Drs. Richard Toussaint and Wade Barker founded the Forest Park Medical Center system in the late 2000s. In March, Toussaint was found guilty of committing $10 million in healthcare fraud and was convicted before U.S. District Judge Reed C. O’Conner after a four-day trial, according to reports by The Dallas Business Journal. Toussaint faces up to 70 years in prison.
In another recent transaction, Texas Health Resources purchased the Forest Park Medical Center facility in Fort Worth for $116.5 million. In connection with the closing of that sale, Sabra received $70.7 million, which included all outstanding principal, interest and late fees under the construction loan Sabra provided.
Sabra’s stock price closed at $20.30 per share on Friday, May 27, down from $26.79 one year ago.
— Katie Sloan