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Presbyterian St. Luke's Healthcare System
Denver, CO

Industry: Healthcare / Providers
Transaction: Financial Advisory


Presbyterian St. Luke's Healthcare System ("P/SL") is a multi-hospital provider system serving the Denver metro area. Previously, GMB had advised a community-based board in the acquisition of P/SL from American Medical, Inc. ("AMI"), arranging the necessary financing to close the transaction and complete construction of the new hospital facility.

The acquisition of P/SL from AMI left outstanding a lease agreement between Aurora Presbyterian Hospital, a member of P/SL, and American Health Properties ("AHP"), a publicly traded REIT that had been created by AMI. The lease payments for the real estate were exceptionally high relative to market rates. P/SL retained GMB to advise it in pursuing a more financially attractive structure.

GMB successfully negotiated the acquisition of the underlying real estate assets that were being leased from AHP and arranged tax exempt financing to facilitate the transaction.

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"GMB was instrumental in bringing down the occupancy costs of Aurora Presbyterian Hospital. They guided us through various options to the status quo of onerous lease payments to a third party and then advised us through the acquisition of the real estate. By raising tax exempt financing to close the deal, we reduced our total cost to a fraction of what we previously were paying."

- Bob Alexander, Chairman, Presbyterian St. Luke's Healthcare System