Ropes & Gray Represents Prospect Medical Holdings, Inc. in $1.55 Billion Sale-Leaseback and Financing of 16 Hospital Facilities
Ropes & Gray represented Prospect Medical Holdings, Inc. in signing a sale-leaseback / financing transaction with Medical Properties Trust, Inc., a public REIT, related to Prospect’s real estate assets located in California, Pennsylvania and Connecticut. The transaction was structured using corporate level unsecured debt, property-level mortgage financing, and both operating and failed sale leasebacks, providing approximately $1.55 billion in proceeds to Prospect. Closing is anticipated in the third quarter.
The Ropes & Gray team was led by real estate partners Walter McCabe and Alison George (both of Boston). It included health care partner John Chesley (San Francisco), environmental partner Peter Alpert (Boston), finance partner Kevin Jarboe (Boston) litigation & enforcement partners Peter Welsh (Boston) and Martin Crisp (New York), private equity partner Eric Issadore (San Francisco), tax partners Ben Rogers (Boston) and Adam Greenwood (New York), real estate counsel Owen LaFreniere (New York) and real estate associate Thomas Wechsler (New York).