The payment was quietly made to Project 10th Street Owner LLC, tied to Oak Street Real Estate Capital, which was handling financing for the project for developer Capital City Partners.
The plans come as the health system is putting the finishing touches on an expansion project at its Mechanicsville hospital and while its competitor HCA works to open a new hospital nearby.
Though it just opened in 2020, Sheltering Arms is already looking to add more beds to its $95 million Sheltering Arms Institute in West Creek.
After expanding its lab footprint in Richmond, the company also has expanded its war chest with an eight-figure capital raise.
VCU Health held a ribbon-cutting ceremony last week for a $420 million addition to its Children’s Hospital in downtown Richmond. Bon Secours similarly marked the completion of a $3 million Manchester clinic for uninsured people.
A concierge-style veterinary hospital and an outpost of an out-of-state urgent care concept for pets are both planning June openings up the street from one another on West Broad.
Renovations at the Northern Neck hospital were funded entirely by community donations, while the Chester property sold for $20 million to a healthcare real estate investor that is leasing it back to Bon Secours.
Lingerfelt and Hourigan are doing a joint venture with OrthoVirginia to develop the building, which would rise just east of Bon Secours Westchester Medical Park.
Investors in the capital raise included Richmond-based Blue Heron Capital. The money will funds the company’s plans to use to expand into North Carolina, Florida, Texas, Nebraska and New Mexico.
As it plots out a new hospital in Hanover County, the healthcare giant is pursuing a new project in the city of Richmond in a Thalhimer-led development along Arthur Ashe Boulevard.
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