Health Care REIT, a Toledo, Ohio-based real estate investment trust, will provide $10 million of an $86 million mortgage for a joint venture between HealthTrust-The Hospital Co. and Austin Diagnostic Clinic, a 142-physician group practice. The loan will be used to build a 148-bed hospital, a medical office building, a diagnostic clinic and a long-term-care unit in Austin, Texas. National Health Investors, a Murfreesboro, Tenn.-based REIT, originated the loan. Earlier, American Health Properties, a Denver-based REIT, agreed to supply $30 million of the loan (Feb. 21, p. 37). According to NHI President Andy Adams, more REITs will be jointly financing future healthcare projects.
Healthcare America reported a net loss of $12.9 million, or $1.17 per share, for the year ended Dec. 31, 1993, compared with a net loss of $13.6 million, or $1.26 per share, in 1992. Revenues rose 49% to $60.5 million. The Austin, Texas-based company operates 11 hospitals and owns another seven that are operated by other management firms. Healthcare America was created through the merger of Healthcare International and HealthVest.