HealthCap Announces Two New Development Projects
Ground Broken on New Healthcare Facilities in Western United States
DALLAS (June 13, 2016) – HealthCap, a national healthcare private equity and real estate investment firm, is pleased to announce that it has commenced construction on the development of a new long-term care facility located in Reno, Nevada. Upon completion, the build-to-suit facility will be comprised of 24 beds, with expansion capability to 36 beds. It will be leased and operated by a leading national provider of post-acute and specialized rehabilitative care for adult and pediatric patients with traumatic brain and spinal cord injuries, including physical, speech and occupational therapy. The facility will reside near the exclusive Reserve at Monte Rosa gated community in the foothills of the Sierra Nevada mountain range, providing patients and family members with panoramic views of the city, valley and surrounding scenic mountains.
The project was designed by Devenney Group Architects and construction will be performed by Big-D Construction. The construction loan was originated and closed in-house by HealthCap on behalf of the borrower, an affiliate of HealthCap.
In other news, groundbreaking recently occurred on April 25, 2016 for the development of a new 92,000 square foot Veterans Affairs outpatient clinic in San Jose, California. A joint venture partnership, including an affiliate of HealthCap, owned the land upon which the project will be built. The partnership sold the land to the VA selected project developer, while retaining a continuing investment interest in the project. The facility is expected to open in late 2017.
HealthCap is a private equity firm specializing in creative growth capital and real estate solutions for the strategic needs of the healthcare industry. HealthCap assists its operating partners by providing growth capital, facilitating buy-outs and recapitalizations, and executing strategic healthcare real estate initiatives. Since 1996, HealthCap has sponsored more than $1.1 billion in healthcare sector investments. For more information, please visit healthcap.com.