Fingers on the Pulse of the Healthcare Industry

HealthCap is a private real estate investment company specializing in creative capital solutions for the healthcare industry. We exclusively focus on the acquisition, development and management of strategic healthcare properties. Since its inception, HealthCap has successfully completed over $1.1 billion of cumulative investments in more than 140 healthcare properties located throughout the continental United States.  Learn More »

Growth Capital, Buy-Outs, Recapitalizations, Healhcare Real Estate

Delivering innovative healthcare development and capital solutions has been our focus for more than 20 years

For more than two decades, HealthCap has provided customized capital solutions to a wide array of healthcare companies. The company was originally founded in 1996 as The Cirrus Group, LLC and quickly grew into a leading national healthcare real estate development and investment company under the leadership of partners William (Bill) Hutchison, Jr. and Jason Dodd.  In 2012, the company merged with healthcare private equity firm HealthCap LLC, broadening its investment platform and forming HealthCap Partners, LLC. Today, HealthCap continues to focus its core business on healthcare real estate development and investments, with the added ability to selectively provide growth capital and facilitate buy-outs and recapitalizations for entrepreneurial healthcare businesses possessing leading market shares in unique niches and displaying the potential for rapid growth and increased profitability. 

HealthCap’s senior leadership team possesses more than 75 years of collective healthcare investment experience.  Our clients benefit from hands-on, principal-level involvement on all transactions. The combination of HealthCap’s size, expertise, entrepreneurial approach, and established capital relationships allow us to offer flexible monetization and development alternatives for projects that often do not meet more rigid criteria of other national healthcare real estate companies, often due to one or more of the following factors:

1) Property or market size,
2) Project complexity or highly specialized use, and/or
3) Creative ownership structures needed to facilitate multiple stakeholders

HealthCap has offices in Dallas, Texas (headquarters) and Phoenix, Arizona.

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Our Leadership

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Chrisman (Chris) S. Jackson

Managing Partner

As Managing Partner, Mr. Jackson is responsible for the corporate strategy and overall direction of HealthCap as well as the structuring and management of all real estate investmen… Read More

As Managing Partner, Mr. Jackson is responsible for the corporate strategy and overall direction of HealthCap as well as the structuring and management of all real estate investments. He has spent the majority of his 20+ year career specializing in healthcare real estate, working with a variety of companies ranging from national for-profit healthcare systems and regional non-profit hospitals to specialty care operators and private physician group practices. His development and investment experience includes more than 75 assets with an aggregate value exceeding $625 million.

Mr. Jackson previously served as Managing Director of HealthCap, as well as Senior Vice President and Development Manager of HealthCap’s predecessor, The Cirrus Group. Before HealthCap, he held regional leadership and development positions with national healthcare real estate companies including Lend Lease Group (ASX:LLC) and Hammes Company. Mr. Jackson also previously served in general management and business development roles for a newly launched retail energy provider affiliate of a Fortune 500 diversified energy company and for two early-stage Internet companies backed by Sevin Rosen Funds and Goff Moore Strategic Partners.

Mr. Jackson holds an M.B.A. from Southern Methodist University and a B.A. from The University of Texas at Austin. He is also a Texas-licensed real estate broker.  Outside of work, he enjoys spending time with his wife and children, hunting, fishing and is an avid runner.

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Nikki C. Matthews

Senior Vice President

Mrs. Matthews’ primary focus is on targeting properties for purchase, negotiating purchase and sale agreements, performing due diligence, overseeing capitalization efforts, and s… Read More

Mrs. Matthews’ primary focus is on targeting properties for purchase, negotiating purchase and sale agreements, performing due diligence, overseeing capitalization efforts, and steering the closing process. Ms. Matthews also heads property management, oversees leasing activities, and is instrumental in real estate investments and dispositions.

Mrs. Matthews has been with HealthCap and its predecessor entity since 2000 and has been integral in all assets since that time. Mrs. Matthews brings a diverse real estate background from Jones Lang LaSalle and Cushman & Wakefield of Texas where she had management, leasing, and construction experience working on several large multi-use office projects.

Mrs. Matthews attended the University of North Texas and holds a Texas Salesperson License. She is also a member of CREW serving on the CREW Careers Committee.

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Keith Underwood

Senior Vice President

Mr. Underwood specializes in healthcare investment opportunities located in the western United States with a primary focus on physician practices and ancillary services, acute care… Read More

Mr. Underwood specializes in healthcare investment opportunities located in the western United States with a primary focus on physician practices and ancillary services, acute care hospitals and post-acute care sectors. During his time at HealthCap and The Cirrus Group, Mr. Underwood has played an integral role in the development and disposition of healthcare investments valued in excess of $400 million.

Previously, Mr. Underwood served as Vice President of Real Estate Services for The Cirrus Group.  Prior to joining Cirrus, Mr. Underwood benefited from 10 years of experience in the Phoenix real estate market focusing on asset management, leasing, and construction of residential and commercial real estate properties.

Mr. Underwood holds a B.S. in Economics from the University of Redlands.  Additionally, Mr. Underwood received his Arizona Real Estate Broker License in 2000.

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Jason K. Dodd

Board Member

Mr. Dodd is currently the Managing Partner of Fairlane Funds, a Dallas, Texas based investment firm specializing in growth capital, equity placement, and fixed income debt solution… Read More

Mr. Dodd is currently the Managing Partner of Fairlane Funds, a Dallas, Texas based investment firm specializing in growth capital, equity placement, and fixed income debt solutions for lower middle market companies and their sponsors.  Fairlane manages a diversified portfolio of investments and capital, managing resources from high net worth families to smaller, entry level investors. 

Mr. Dodd is a member of HealthCap’s Board of Advisors and Investment Committee.  He also serves on the board of directors for one of HealthCap’s portfolio companies - Bellus Medical.  He was formerly Managing Partner of HealthCap from 2012 to 2015, following its merger with The Cirrus Group, where he served as President from 2005 to 2012 and had transactional responsibility for over $750 million of projects and structured financing of debt, mezzanine and equity.

Mr. Dodd holds a B.B.A. from Texas A&M University and an M.B.A. from the Moore School of Business at the University of South Carolina.  Additionally, Mr. Dodd serves on the board of REACT, a neurological recovery and rehabilitation facility. 

Investment Strategy

Investment Strategy

Development.  Our full-service development programs are designed to deliver customized healthcare facilities that exceed client expectations by optimally balancing facility functionality, efficiency and amenities while eliminating cost and schedule overruns.

Acquisitions.  For health systems and provider groups looking to sell existing buildings to enhance their liquidity, to access capital for facility improvements in conjunction with a sale, or to relinquish daily property management distractions, HealthCap provides solutions ranging from simple dispositions and sale-leasebacks to value-add projects.

Targeted Property Types:

  • Ambulatory Surgery Centers
  • Behavioral Health & Addiction Treatment
  • Cancer Centers
  • General Acute Care Hospitals
  • Inpatient Rehabilitation Facilities
  • Medical Office Buildings
  • Neighborhood Outpatient Centers
  • Senior Housing Communities
  • Specialty Hospitals
  • Subacute Care Facilities

 

Investments

Over the past 20+ years, HealthCap has capitalized healthcare sector investments with an aggregate investment basis of more than $1.1 billion.  We believe our success depends on balancing the goals of both achieving exceptional results for our capital partners and providing highly efficient, state-of-the-art healing environments for our building tenants and visitors.  Listed below are several HealthCap-sponsored investments. While they do not represent the full scope of HealthCap’s current or prior portfolio, they are intended to provide examples of HealthCap’s typical investments.

Baylor Health Care System (now Baylor Scott & White Health) needed a fast and effective way to extend the presence of its affiliated physician group practice, HealthTexas Provider Network (HTPN), in the rapidly growing and competitive Dallas-Fort Worth Metroplex. In just over two years, HealthCap identified sites and developed a network of six new attractive, easily accessible and cost-effective HTPN-anchored neighborhood outpatient facilities in targeted emerging DFW suburban markets.

healthtexas.com

Bellus Medical is a leader in medical aesthetics treatments, delivering innovative repair and restoration products to aesthetic practices worldwide. Its flagship product, SkinPen®, is the first microneedling device granted clearance and marketing authorization by the FDA. HealthCap invested in the company in Q1 2015, and it was sold to Crown Laboratories, Inc. in Q3 2018.

bellusmedical.com

Bon Secours Kentucky Health System (BSKHS) is a faith-based nonprofit health system serving northeast Kentucky and portions of West Virginia and Ohio. HealthCap acquired an off-campus primary care clinic located 25 miles from its main campus in Grayson, KY, a key rural feeder market for BSKHS. Post-acquisition, HealthCap facilitated the completion of a 7-room expansion that increased the busy clinic’s capacity by roughly 30%.   

kentucky.bonsecours.com

Bloodbuy is a healthcare information technology company that develops and operates a cloud-based technology platform that connects hospitals and blood centers nationwide to ensure the efficient flow of lifesaving blood products to patients in need. In 2016, Bloodbuy was recognized by the Harvard Forum on Healthcare Innovation as the winner of the first Harvard Health Acceleration Challenge.  HealthCap provided start-up capital funding for the company. 

bloodbuy.com

CareMeridian (now NeuroRestorative) is a for-profit operator of subacute rehab and skilled nursing facilities for patients suffering from traumatic brain injury, spinal cord injury, or other medically complex injuries, such as neuromuscular or congenital anomalies. CareMeridian’s facilities offer comprehensive rehabilitation options, cutting-edge services and a 1:4 staff-to-patient ratio. HealthCap has provided site selection, off-balance-sheet financing and turn-key development services for CareMeridian facilities located in Arizona, California, Colorado, Nevada and Texas.

caremeridian.com

Carson Tahoe Health (CTH) is a market-leading non-profit health system providing a full spectrum of healthcare services to residents of northern Nevada. Upon completing a new replacement hospital campus, CTH engaged HealthCap to acquire and redevelop its 168,000 square foot legacy hospital campus, allowing it to retire associated bonds. The Specialty Medical Center is now utilized for the Carson Tahoe Continuing Care Hospital, various outpatient services such as imaging and lab, a wound care clinic, and behavioral health services.

carsontahoe.com

GlobalRehab was a for-profit, best-in-class operator of inpatient rehabilitation hospitals that consistently delivered above-average outcomes for the patients it served. HealthCap partnered with GlobalRehab to provide off-balance sheet financing and turnkey development services for three new hospitals in Dallas, San Antonio and Scottsdale when the company was in early-stage development of its operating platform.
  Select Medical (NYSE:SEM) acquired GlobalRehab in 2013.

honorhealth-rehab.com

Greenville Health System’s Eastside Cancer Institute was originally built and operated by a large private oncology practice in Greenville, South Carolina. In 2012, the group merged with GHS (now Prisma Health). HealthCap was later selected to acquire the 30,000 square foot medical and radiation oncology building from several associated physician owners, providing them with an attractive liquidity event and an experienced healthcare real estate partner as GHS’s landlord going forward.

ghs.org/cancer

North Central Medical Center is a 240,000 square foot, six-story multi-tenant medical office building located along North Central Expressway in Dallas, Texas. The complex is anchored by the W.B. Carrell Clinic, an 80-year old private orthopedic practice, and the North Central Surgery Center, a 10-operating room joint venture between United Surgical Partners, Baylor Health Care System and local surgeons. HealthCap developed the project in two phases.

northcentralmedicalcenter.com

Reliant Hospital Partners was a national for-profit operator of inpatient rehabilitation hospitals that provided the highest level of medical care to its patients and produced outcomes that were consistently well above average. HealthCap provided off-balance sheet financing and turnkey development services for two new 60-bed hospitals in Dallas and Houston during the growth-stage of Reliant’s business. HealthSouth Corporation (NYSE: HLS) acquired Reliant in October 2015.

relianthcp.com

Urgent Care for Kids is a Texas-based, early stage healthcare company capitalizing on a large and opportunistic niche in the healthcare market. With strategic locations throughout Texas, Urgent Care for Kids provides after-hours urgent health services for children 18 years and under. HealthCap provided start-up capital and second round expansion capital funding for the company.

urgentcarekids.com

HealthCap News

Press Release

HealthCap Announces Latest Property Acquisition

DALLAS (July 26, 2019) – HealthCap Partners, LLC today announced its latest real estate acquisition. The national healthcare private equity and real estate investment firm has acquired a 23,000 square foot medical office building (MOB) in Tempe, Arizona. The single-story off-campus MOB is located at 1950 East Southern Avenue on a high-visibilit…

Press Release

HealthCap Portfolio Company Acquired by Crown Laboratories

JOHNSON CITY, Tenn. & ADDISON, Texas (September 27, 2018) - Crown Laboratories, Inc. (“Crown Laboratories”), a leading, fully integrated, specialty pharmaceutical company and Hildred Capital Partners LLC (“Hildred”) portfolio company, today announced it has acquired Bellus Medical, a leader in medical aesthetics treatments dedicated t…

Press Release

HealthCap Announces New Texas Development Project

DALLAS (May 9, 2017) – HealthCap, a national healthcare private equity and real estate investment firm, announced its latest development project today.  The initial phase of the project will consist of an approximately 21,000 square foot building containing 24 patient rooms.  Upon completion, the facility will be operated by a leading…