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Metro Health Village
Metro Health Village evolved through a partnership between Metro Health Hospital and
The Granger Group. The Granger Group brought the vision, required investment, and
financing expertise to the development, delivering a complex financial solution that
incorporated the following elements:
Partnered 50/50 with Metro Health Hospital in the acquisition of the 170-acre
Village campus.
Secured non-recourse financing for the Village’s land, roads and infrastructure.
Guaranteed the purchase and demolition of the former hospital campus,
eliminating
a
multi-million dollar demolition and disposition liability from
the hospital’s
financial statement.
Structured a sale/leaseback and purchased five outpatient clinics from the
hospital,
infusing $13 million of cash and liquidity for new hospital construction, while allowing
Metro Health to maintain control of the properties through a
long-term lease and option
to repurchase.
Developed a 62,000-square-foot professional office building connected to
the new hospital
and structured an operating lease that required no capital
investment from Metro Health,
thus eliminating any negative impact on
their bond borrowing capacity.
Together, these two award-winning organizations turned a vision into reality and
were
recognized by The Grand Rapids Business Journal as 2008 Newsmaker of the Year for
the Village’s long-term economic promise to the surrounding community.
More information is available at www.metrohealthvillageopportunities.com.
