Bayonne Medical Center
Bayonne Medical Center
Bayonne, New Jersey
In 2008, our client purchased Bayonne Medical Center out of bankruptcy, upon purchasing the facility, it was losing $1 million per month. He took control of the hospital and engineered an amazing turnaround, by cutting wasteful spending, trimming the fat, re-focusing their departments, negotiating new union contracts, and revising health insurance relationships.
In 2009, just as our client was seeking a $25 million non-recourse first mortgage on the hospital real estate, the global economy collapsed. In those distressing economic times, domestic and international financial institutions were not lending money, and were more focused on stabilizing their own corporate balance sheets.
Castle and Bishop Financial reached out far and wide to a diverse group of potential lenders until we discovered a medical REIT willing to provide the mortgage financing. Today, our client has expanded to three hospitals in New Jersey and continues to be extremely profitable.
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Bayonne Medical Center
Bayonne, New Jersey
In 2008, our client purchased Bayonne Medical Center out of bankruptcy, upon purchasing the facility, it was losing $1 million per month. He took control of the hospital and engineered an amazing turnaround, by cutting wasteful spending, trimming the fat, re-focusing their departments, negotiating new union contracts, and revising health insurance relationships.
In 2009, just as our client was seeking a $25 million non-recourse first mortgage on the hospital real estate, the global economy collapsed. In those distressing economic times, domestic and international financial institutions were not lending money, and were more focused on stabilizing their own corporate balance sheets.
Castle and Bishop Financial reached out far and wide to a diverse group of potential lenders until we discovered a medical REIT willing to provide the mortgage financing. Today, our client has expanded to three hospitals in New Jersey and continues to be extremely profitable.
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