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Genesys MedSports Complex
A testament to The Granger Group’s commitment to partnering, the Genesys
MedSports
Complex is a 300,000-square-foot medical wellness center, on the
grounds of the Genesys
Health Park campus, located in Grand Blanc, Michigan.
Genesys Hospital began construction on this wellness center in 1995, with plans
to begin
construction of a new acute care hospital within one year. However, only
3 months into
the construction of the wellness center, the hospital experienced a
downgrade in its bond
rating. This forced the hospital to stop the wellness center
construction to avoid putting
the new acute care hospital in jeopardy.
The Granger Group approached the hospital five years later with a solution to revive
the
project. Partnering with the hospital in the ownership of the facility, The Granger
Group
obtained the off-balance-sheet financing that would protect the hospital’s bond
capacity.
The Granger Group then restructured the transaction, paying the hospital
$3.75 million
in cash for their real estate and foundation investment and granting
them 50% ownership
in the project.
The $25.75 million, multi-faceted health and fitness center was completed and
opened on
time in October 2001, saving over $500,000 in construction costs.
This partnership allowed
the hospital to transform an eyesore into a completed
and successful revenue-producing
real estate investment, and provided the
surrounding community with a world-class
setting for those taking the next
steps to a healthier life.
