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2 Firms Team Up for $24.5M Hospital

Credit: Phoenix Business Journal

By Angela Gonzales for Phoenix Business Journal

MedProperties Holdings LLC, a Dallas-based health care real estate private equity firm, is teaming with Caddis, a national health care real estate firm also based in Dallas, to develop the Destiny Springs Behavioral Health Hospital in Surprise.

The 67.6KSF build-to-suit hospital marks the seventh joint venture between the two Texas real estate companies. They are building the hospital for Dr. Martin Newman, founder of Destiny Springs Healthcare.

The hospital, which is expected to be completed in fall 2018, will cost about $24.5M to develop.

Siemens Financial Services Inc. is arranging debt financing. Devenney Group is the architect and Jokake Construction is the general contractor.

Read more at Phoenix Business Journal.

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