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Under two global leases covering all the hospitals, Steward has paid MPT what’s been characterized as unsustainably high rents, which contributed in part to Steward’s financial woes, leading to a May 6 Chapter 11 bankruptcy filing in a Texas federal court.
The deal more than doubles Steward’s presence in Florida, which includes Melbourne Regional Medical Center, Rockledge Regional Medical Center and Sebastian River Medical Center.
This investment includes building a new hospital at a yet-to-be-revealed location, opening free-standing emergency departments in the northern, central, and southern parts of the county, and establishing new physician offices.
A marketing process will kick off for its facilities in the coming weeks as it seeks new capital providers or owners.
The new clinic is located at 5565 N. Wickham Road in Melbourne and employs a staff of 20 people.