$90m sale closes for Braintree, Woburn rehabilitation hospitals

The $90 million sale of Braintree Rehabilitation Hospital and New England Rehabilitation Hospital in Woburn has closed, a real estate broker involved in the transaction said Thursday.

The broker is the health care real estate services team of Jones Lang LaSalle.

Reliant Hospital Partners LLC of Texas bought the hospitals as part of a simultaneous transaction, in which Reliant sold the hospitals’ real estate assets to a joint venture made up of the Sanders Trust of Alabama and Harrison Street Real Estate Capital of Chicago; Reliant will now manage the hospitals as part of a lease-back agreement, Jones Lang LaSalle senior vice president Jon Schneider said.

Advertisement - Continue Reading Below

The seller was Senior Housing Properties Trust of Newton.

Braintree Rehabilitation Hospital has 166 beds. New England Rehabilitation Hospital has 168 beds.

“This transaction allows Reliant Hospital Partners to expand its corporate presence with well-established operations in a desirable Northeastern US metro market, Mindy Berman, a Jones Lang Lsalle managing director, said in a statement.

Photo taken from the website of Braintree and New England rehabilitation hospitals.

Jones Lang LaSalle said it assisted the Sanders Trust in securing acquisition financing through Regions Bank, Customers Bank, IBERIABANK, and Cadence Bank.