BIRMINGHAM, Ala. — The Sanders Trust, a healthcare real estate investment company in Vestavia Hills, Ala., will develop a $19 million 50-bed inpatient rehabilitation facility in Oklahoma City, scheduled for completion in late 2012.
The hospital is a joint venture between the Mercy Health System of Oklahoma and Nashville, Tenn.-based Centerre Healthcare Corporation, which specializes in the development and operation of rehabilitation hospitals. Upon completion of the project the facility will be leased to Mercy Rehabilitation Hospital, LLC.
MHSO is owned by The Sisters of Mercy Health System, one of the largest healthcare services providers in the Midwest, according to Sanders Trust.
“This project represents a continuation of our strategy to acquire as well as develop inpatient rehabilitation hospitals,” said Steve Hewett, senior vice president at the Sanders Trust. “We are delighted to be partnering with the Centerre and MHSO organizations in the development of this new hospital.”
Architectural work for the new hospital is being managed by the design team at Nashville, Tenn.-based Earl Swensson Associates, Inc., with Kansas City, Mo.-based J.E Dunn as the general contractor.
Construction financing is being provided by Iberia Bank in Birmingham, Ala.
The Sanders Trust has developed or acquired more than 50 medical properties in 16 states, in excess of $500 million in value since its inception in 1989.