Press Release – 90 North Completes $100M+ Recapitalisation of Bon Secours Mercy Health Headquarters
90 North is delighted to announce that it has completed the equity and debt recapitalisation of Bon Secours Mercy Health’s headquarters outside Cincinnati, Ohio.
Originally purchased in May 2017 with Saudi Arabian investors, the merger between Bon Secours and Mercy Health required expansion at the property, with 90 North working with the tenant to fund and construct a new parking garage, as well as negotiating a lease extension. Now completed and with the original business plan nearing its conclusion, the opportunity arose for 90 North to introduce a new investor from Kuwait as part of a transaction in excess of $100 million.
Dan Cooper, Partner, Head of North America commented: “We are pleased to have been able to both exceed business plan projections for our first investors and offer an attractive long leased investment opportunity to our Kuwaiti investment partner.” He added: “This also provides Bon Secours Mercy Health with continuity and we look forward to continuing to work closely with them on the management of what is the hub of their 50 hospitals across the eastern states of the USA and Ireland.”