April 6, 2022 at 12:00 PM
Newmark has advised Baptist Memorial Health Care on three development projects totaling 257,000 square feet. Newmark Senior Managing Director Jay Miele, Managing Director John Nero, Executive Managing Director Ben Appel and Senior Managing Director Michael Greeley of the firm’s Healthcare Capital Markets group and Vice Chairman of Global Healthcare Services Todd Perman completed a portfolio strategic options assessment and advised Baptist Memorial Health Care (“Baptist”) on the selection of a developer and financing structure for each project.
The first project, an 89,000-square-foot medical office building and cancer center, is being constructed in Southaven, Mississippi, on the campus of Baptist Memorial Hospital-DeSoto. The selected developer and owner for the project, The Boldt Company (“Boldt”), broke ground in March 2021 with an opening planned for the spring of 2022. Newmark arranged the construction financing on Boldt’s behalf.
Rendina Healthcare Real Estate (“Rendina”) is the owner and developer of the two Tennessee projects. In September 2021, Rendina broke ground on a 38,000-square-foot freestanding emergency department and medical office building in Arlington, Tennessee. The new facility, which is being built on land owned by Baptist, is expected to open in the Fall of 2022. Rendina recently began site work at the second Tennessee project, a 130,000-square-foot outpatient surgery department and medical office building in Jackson. The Jackson project brings together Baptist and The Jackson Clinic, who will jointly occupy and operate the new facility. The project is expected to be complete next Fall.
“The expansion of Baptist’s health care delivery network with these three new sites of care will enhance patient access in furtherance of the company’s mission to provide quality care in the Mid-South,” said Miele. “Rendina and Boldt, both best-in-class national health care developers, are well-suited to partner with Baptist on these important projects,” added Nero.
“We have been very impressed with the guidance Newmark has provided as we identify the best ways to serve our patients,” said Zach Chandler, Executive Vice President and Chief Operating Officer for Baptist Memorial Health Care. “We are careful stewards of our resources, and Newmark has done a great job with helping us determine the best investments to make in our communities.”
About Baptist Memorial Health Care
One of the nation’s largest not-for-profit health care systems, Baptist Memorial Health Care offers a full continuum of care to communities throughout the Mid-South and Central Mississippi. The Baptist system, which consistently ranks among the top integrated health care networks in the nation, comprises 22 affiliate hospitals in West Tennessee, Mississippi and East Arkansas; more than 5,400 affiliated physicians; Baptist Medical Group, a multispecialty physician group with more than 800 providers; home, hospice and psychiatric care; minor medical centers and clinics; a network of surgery, rehabilitation and other outpatient centers; and an education system highlighted by Baptist Health Sciences University. The Baptist system employs more than 19,100 people, and in fiscal year 2019 contributed more than $336 million in community benefit and uncompensated care to the communities it serves. The Sparks Bureau of Business and Economic Research at the University of Memphis estimates that Baptist Memorial Health Care’s annual economic impact is more than $2.6 billion. For more information, please visit www.baptistonline.org.
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