Fingers on the Pulse of the Healthcare Industry

HealthCap is a privately-held development and investment company specializing in creative capital solutions for the U.S. healthcare industry. We focus on the acquisition and development of strategic healthcare properties, with the capability to provide

operational growth capital in selected situations. Since its inception in 1996, HealthCap has successfully completed $1.1 billion of cumulative investments spanning more than 140 healthcare properties located in 29 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. Originally founded in 1996 as The Cirrus Group, LLC, a leading national healthcare real estate development and investment company, the company later merged in 2012 with healthcare private equity firm HealthCap to broaden its investment platform. Post-merger, 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 combined healthcare investment experience, and our clients benefit from hands-on, principal-level involvement on all transactions. The combination of our size, expertise, entrepreneurial mindset, and established capital relationships allow us to offer flexible monetization and development alternatives for projects that often do not meet the 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
3) Creative ownership structures needed to facilitate multiple stakeholders

HealthCap is headquartered in Dallas, with satellite offices in Phoenix and Charlotte, making us ideally positioned to support healthcare operators and providers nationwide.

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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.

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 long-distance runner.

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Stephanie Toliver

Chief Financial Officer

As the Chief Financial Officer for HealthCap, Mrs. Toliver oversees the financial reporting for all special purpose and corporate entities, treasury management functions, partnersh… Read More

As the Chief Financial Officer for HealthCap, Mrs. Toliver oversees the financial reporting for all special purpose and corporate entities, treasury management functions, partnership maintenance and oversight, loan procurement and compliance, human resources and asset purchase/disposition closing responsibilities. 

Mrs. Toliver joined HealthCap’s predecessor, The Cirrus Group, in 2004.  Prior to joining The Cirrus Group, Mrs. Toliver spent several years in the Audit and Assurance practice at KPMG, LLP.

Mrs. Toliver graduated with a B.B.A. in Accounting and Marketing from Abilene Christian University and holds a CPA license in the state of Texas.

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Matthew H. Nurkin

Managing Director

Mr. Nurkin leads HealthCap’s efforts in the eastern United States. His primary focus is identifying and structuring development, investment and capitalization solutions to meet t… Read More

Mr. Nurkin leads HealthCap’s efforts in the eastern United States. His primary focus is identifying and structuring development, investment and capitalization solutions to meet the strategic needs of healthcare providers, as well as developing and maintaining investor relationships. As a 20-year veteran of the healthcare real estate industry, Mr. Nurkin brings a unique knowledge of the alternatives available for capitalizing and developing healthcare facilities in today’s market. His experience includes the acquisition, development, ownership structuring and syndication of more than 40 healthcare facilities with an aggregate value in excess of $500 million.

Prior to HealthCap, Mr. Nurkin directed national medical office development for Lend Lease, a global real estate development and investment concern. His experience also includes a 14-year tenure with Cogdell Spencer, Inc., a NYSE-traded REIT, where he led the firm’s national acquisitions efforts and held principal responsibility for the firm’s investment and development in the mid-Atlantic United States. Matt also held prior banking and investment roles at Bank of America and Wells Fargo, where he focused on various investments including real estate, public/private equity and derivative instruments.

Matt serves on the editorial advisory board of Healthcare Real Estate Insights magazine and has been a featured speaker on a range of healthcare real estate issues for organizations including UNC’s Belk College of Business, ULI, and Cain Brothers investment bank. He holds a BA from Wake Forest University and an MBA from the University of North Carolina at Charlotte.

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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. 

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William (Bill) L. Hutchison, Jr. 

Advisor

In 1996, Mr. Hutchison co-founded HealthCap’s predecessor, The Cirrus Group, where he served as Chief Executive Officer and Partner until 2012.  Prior to forming Cirrus,… Read More

In 1996, Mr. Hutchison co-founded HealthCap’s predecessor, The Cirrus Group, where he served as Chief Executive Officer and Partner until 2012.  Prior to forming Cirrus, Mr. Hutchison worked for Southland Real Estate Resources at its Las Colinas development where he served as Project Manager for the 400 rooms, 24-story Mandalay Four Seasons Hotel (now the Omni Mandalay). Later, Mr. Hutchison formed Trans Texas Investment Properties where he developed over 1,000,000 sf of commercial office and retail space across the DFW Metroplex, most notably the landmark 500,000 sf, 24-story Trans Texas Tower (now Occidental Tower) in Dallas.

Mr. Hutchison guided approximately 90 healthcare development and investment projects in 16 states with The Cirrus Group including ambulatory surgery centers, surgical hospitals, acute care hospitals, post-acute, rehab, LTACHs, medical office buildings and other complex medical facilities. Notable projects among this list Include Park Cities Medical Plaza in University Park, Texas; Trophy Club Medical Plaza in Trophy Club, Texas; North Texas Medical Center in Denton, Texas; and North Central Medical Plaza in Dallas, Texas.

Mr. Hutchison earned a BBA from The University of Texas in Austin and an MBA from Southern Methodist University.

Mr. Hutchison remains an key strategic advisor and active investment partner for HealthCap.  Additionally, he serves on the board of directors for two HealthCap portfolio companies - Urgent Care for Kids and Bloodbuy.

Investment Strategy

Investment Strategy

Development.  Our turnkey 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 clients 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 to sale-leasebacks or recapitalizations.

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

Listed below are several HealthCap-sponsored investments. These investments do not represent the full scope of HealthCap’s current or prior portfolio.  They are instead intended to provide examples of HealthCap’s typical investments. Over the past 20+ years, HealthCap has capitalized healthcare sector investments with an aggregate investment basis of more than $1.1 billion while achieving exceptional results for our equity partners.

Baylor Health Care System 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 acquired by 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 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 six CareMeridian facilities located in Arizona, California and Colorado.

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.

globalrehabhospitals.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. 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 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…

Press Release

HealthCap Hires Matt Nurkin as Managing Director

DALLAS (August 17, 2016) – HealthCap, a national healthcare private equity and real estate investment firm, announces that Matthew Nurkin has joined its team as Managing Director. Mr. Nurkin will be based in Charlotte, North Carolina where he will lead HealthCap’s efforts in the eastern United States by identifying and structuring development…