Hudson Regional Hospital said Tuesday it entered into 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 announcing it 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 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,” said Dr. Nizar Kifaieh, president of chief executive officer 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 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,” said Kifaieh in a prepared statement. “Our mission has always been to build a world-class health care system in Hudson County and this brings us closer to it.”