National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
San Antonio Hospital Sells in Auction for $58M
TCB/Marina del Sol bought Forest Park Medical Center of San Antonio in a foreclosure auction. The buyer’s winning bid of $58.2 million was about $10 million less than Forest Park’s real estate owner Texas Capital Bank (TCB), and $30 million less than its appraised value of $94 million.
In addition to the 54-bed hospital at 5510 Presidio Pkwy., the property included a medical office building and garage.
The hospital was closed down in October of last year, following a notice of foreclosure. At that time, FPMC San Antonio Realty Partners LP, which owned the real estate, filed bankruptcy to avoid being sold.
Forest Park Medical Center was a high-end, physician-owned concept, with locations in the Dallas-Fort Worth area, as well as San Antonio. Each of the facilities has filed for Chapter 11 bankruptcy protection.
- ◦Financing
