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Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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Forest Park hospital in San Antonio sells for $58M at foreclosure auction

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Forest Park Medical Center

The shuttered Forest Park Medical Center San Antonio was sold at auction Tuesday for $58.2 million to an entity affiliated with its main lender, Texas Capital Bank.

A limited liability company called TCB/Marina Del Sol LLC was the lone bidder for the 54-bed, 150,000-square-foot specialty hospital building. The auction was held on the grounds of the Bexar County Courthouse.

The lenders foreclosed on the property at 5510 Presidio Parkway on San Antonio’s northwest side after the medical center stopped paying its rent.

Forest Park continues to hold the hospital license. The building had been owned by FPMC San Antonio Realty Partners LP, which filed bankruptcy on Oct. 6 in an attempt to prevent Texas Capital Bank from foreclosing at that time.

Texas Capital then agreed to provide Forest Park up to $5 million in financing to take care of the property, on the condition that Forest Park find a buyer within 75 days of the bankruptcy filing. When that didn’t happen, Texas Capital Bank once again posted the property for foreclosure.

Click to read entire article: Forest Park hospital in San Antonio sells for $58M at foreclosure auction (San Antonio Business Journal, 03-03-16)

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