Texas REIT, FPMC Fort Worth Realty Partners LP files for Bankruptcy
According to reports, Forest Park Medical Center Fort Worth (FPMC Fort Worth Realty Partners LP) filed for bankruptcy this week after Sabra Texas Holdings posted the hospital for sale earlier this month. The hospital missed an interest payment on a $66.8 million construction loan, according to court documents.
FPMC Fort Worth Realty Partners LP, which holds the loan on the hospital, filed for reorganization in North Texas bankruptcy court late Monday. Filing a bankruptcy typically blocks the sale of property. The hospital was reportedly scheduled for foreclosure this afternoon.
A similar foreclosure sale of Forest Park Medical Center Dallas also was set for today. Another real estate entity, Forest Park Realty Partners III LP, also filed late Monday for bankruptcy protection, likely stopping any foreclosure sale.
The Fort Worth filing listed estimated assets between $100 million to $500 million and liabilities of $50 million to $100 million. In Dallas, the company listed assets of $50 million to $100 million and liabilities of $100 million to $500 million.
The Fort Worth property is linked to four other doctor-owned, luxury hospitals under the umbrella of Forest Park Medical Center in Dallas that have faced foreclosure or have been sued for loan default or forced into bankruptcy. The hospitals in Dallas and San Antonio have purportedly closed.
According to CEO Jim Davis, of Forest Park Medical Center Fort Worth, the bankruptcy involves the real estate side of the company. The operational company for Forest Park Medical Center Fort Worth is separate and did not file for bankruptcy, according to the press release.
Sabra said a recent appraisal set the value of the property at $122 million, indicating “excess collateral value of approximately $61 million.”
Forest Park Realty Partners Form D Filings
According to SEC filings, Forest Park Realty Partners has filed Form D for the following real estate entities:
FPMC Austin Realty Partners LP
FPMC Fort Worth Realty Partners LP
FPMC Frisco Realty Partners LP
FPMC San Antonio Realty Partners LP
FPMC Southlake Realty Partners LP
The foregoing information, which is all publicly available, is being provided by The White Law Group.
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