A troubled hospital within the Medical Heart district that sat empty for 3 years is about to return again to life as a psychological well being middle after its buy by a New Jersey hospital chain.
Cedar Well being Group, which develops psychological well being services throughout the nation, bought the previous Nix Behavioral Well being Hospital in early December, county deed information present. It plans to spend greater than $5 million to renovate the 61,400-square-foot constructing at 1975 Babcock Highway, in accordance with a press launch from Oldham Goodwin, an actual property agency headquartered in Bryan that organized the sale.
“Latest statistics present San Antonio because the fourth-worst metropolis within the U.S. after Dallas and Houston for psychological healthcare and upkeep,” Cedar Well being Group CEO Mark Tress stated in a press release. “We hope our constructing will function an essential useful resource for the continuum of care not but being correctly addressed by the present medical institution.”
Nix Behavioral Well being was one in all a number of services Los Angeles-based Prospect Medical Holdings Inc., the father or mother firm of the now-defunct Nix Well being system, shut down in 2019. That yr, the corporate additionally closed a Nix behavioral well being middle at 4330 Vance Jackson Highway. All Nix areas have been completely closed by December 2019, in accordance with the system’s web site.
Across the finish of that yr, Prospect offered the historic Nix Medical Heart tower downtown to a resort operator.
In April, the 4330 Vance Jackson facility was acquired by Nutex Well being, a hospital chain based mostly in Houston, with plans to reopen it as an emergency room and hospital.
Cedar Well being bought the 1975 Babcock facility from American Momentum Financial institution, information present. The corporate didn’t disclose how a lot it paid for the property, however the entity it used to purchase it, Alpine Specialty Hospital LLC, took out a $7.8 million mortgage from Frost Financial institution to make the acquisition.
“This constructing was a blight for 3 years in an in any other case strong and vibrant San Antonio Medical Heart,” Clint Oldham, managing director of funding gross sales at Oldham Goodwin, stated in a press release. “We’re excited to see Cedar Well being put this facility again into service. This was our workforce’s seecond important commerce within the San Antonio Medical Heart in 2022, an space we intend to stay energetic in.”
Cedar Well being focuses on shopping for and growth “long-term, acute and psychological well being services all through the nation,” in accordance with the press launch. Its portfolio consists of a number of “intense outpatient packages,” and it’s constructing hospitals in Florida, Illinois and Kansas.
Property information point out that American Momentum bought the positioning in July 2021 relatively than foreclosing on its prior proprietor, TST San Antonio MOB LLC, an entity linked with The Sanders Belief, a developer of healthcare services based mostly in Birmingham, Alabama. TST San Antonio had borrowed $10.1 million from American Momentum to purchase the positioning in 2015.
