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$40M Hospital Buy Expands Norvin’s TX Footprint

PASADENA, TX-The firm acquires the 61-bed Patients Medical Center here and arranges a long-term lease with the new operating JV.

By Jennifer Duell Popovec | Updated on November 16, 2010

PASADENA, TX-Norvin Properties has acquired the 61-bed Patients Medical Center here for about $40 million. The New York City-based firm also arranged for the acute-care hospital’s new operating joint venture to lease back the 117,000-square-foot facility for more than 20 years.

Norvin initiated and orchestrated the deal, which included a complicated restructuring of both the real estate and operating partnerships, according to Norman Livingston, founder and managing partner of the real estate private equity firm. Currently, the company is the largest for-profit owner of healthcare real estate in Houston.

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