Hudson Regional Hospital in Contract to Buy Bayonne and Hoboken Hospital Real Estate

On Jun 2, 2020

Hudson Regional Hospital has entered a contract to buy the properties on which Bayonne Medical Center and Hoboken University Medical Center sit from current owner Avery Eisenreich for $76 million and $144 million respectively.

The deal comes on the heels of Hudson Regional Hospital (HRH) announcing last week that it had offered to purchase the hospital operations of Hoboken University Medical Center, Bayonne Medical Center and Christ Hospital in Jersey City from CarePoint, their current operator who had announced intentions to sell them last November.  HRH provided CarePoint a “Proof of Funds” letter, but CarePoint has not responded to the offer.

“Last night we agreed to an unconditional deposit payment and purchase price for the hospital properties and we expect to close within 90 days,” says Dr. Nizar Kifaieh, president of CEO of Hudson Regional.  “We have removed the most significant obstacle to fulfilling our vision of creating a premier hospital network in Hudson County without burdening the taxpayers or any public funding during these very trying times.”

In early May, with Eisenreich and CarePoint at an impasse, the Hudson County improvement Authority announced that it would commence eminent domain proceedings to protect the viability of the hospitals.

“We expect to marry land ownership with hospital operations to resolve any concern about the stability of the healthcare network,” says Dr. Kifaieh. “These were difficult, complex negotiations that took place over several months and we are very gratified by our Chairman Yan Moshe’s commitment to complete the transaction.”   “Our mission has always been to build a world class healthcare system in Hudson County and this brings us closer to it”, says Dr. Nizar Kifaieh.

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