ISELIN, N.J., April 26, 2011 /PRNewswire/ -- Siemens Financial Services, Inc. (SFS Inc.), the U.S. unit of Siemens' Financial Services division, recently completed a $10.9 million real estate financing to support the development of a new healthcare property by Mohr Health, LLC. The financing included the cost of land, building construction, and permanent building financing. The new property will be used by Post Acute Medical, LLC to operate a 40 bed rehabilitation hospital, doing business as Warm Springs Rehabilitation Hospital of Westover Hills, located in San Antonio, Texas and licensed as a remote facility of Warm Springs Rehabilitation Hospital of San Antonio.
"We recently announced the expansion of our healthcare financing capabilities, and this transaction is evidence of our commitment to this vital market," said Kirk Edelman, president and chief executive officer, SFS Inc. "There is significant demand for capital to support healthcare related real estate projects, and we are pleased to be able to help address this demand and help improve the quality of healthcare."
"Access to capital for healthcare providers continues to be generally challenging, even as we see strong indications of improvement in the economy," said Ted Drake, senior vice president and general manager of healthcare finance, SFS Inc. "The American College of Healthcare Executives (ACHE) recently published results of a survey where 542 Hospital CEO's indicated that in 2010, 'financial challenges' ranked as their top concern, with 'healthcare reform implementation' coming in a distant second. In this environment, many vital construction projects are sitting on the drawing board. We're in a position to help get them moving forward again."
"Finding a strong financial provider is a challenge in today's difficult economic environment," noted Wynn Searle, principal of Mohr Health, LLC. "We found that Siemens Financial Services brought a wealth of knowledge and expertise along with a true collaborative approach in working through our transaction. As a team we were able to create a viable real estate solution that met the financing requirements of all parties while creating a new hospital that will provide unsurpassed care and improve access for the patients of the greater San Antonio area."
Karick Stober, vice president of Mergers & Acquisitions for Post Acute Medical, LLC said, "We are excited about expanding the reach of Warm Springs Rehabilitation Hospital in the San Antonio area. By working with Siemens Financial Services, Inc. and Mohr Healthcare, LLC, we are better able to serve the needs of our patients."
The Financial Services (SFS) division of Siemens is an international provider of financial solutions in the business-to-business area. With about 2,000 employees and an international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, SFS supports Siemens as well as non-affiliated companies, focusing on the three sectors of energy, industry and healthcare. SFS finances infrastructure, equipment and working capital and acts as a competent manager of financial risks within Siemens. For more information see: www.siemens.com/finance.
Siemens Financial Services, Inc. (SFS Inc.) is a leading provider of business-to-business financial services in the United States. SFS is a committed business ally that combines deep industry expertise with integrated financing solutions to enhance the efficiency, productivity, and competitiveness of its customers. The company, based in Iselin, NJ, enables business expansion for thousands of customers in the healthcare, energy, and industrial sectors by providing customized solutions that range from equipment financing and working capital to project and export finance, and insurance solutions. Further information on Siemens Financial Services in the United States: www.usa.siemens.com/finance.
Siemens Corporation is a U.S. subsidiary of Siemens AG (NYSE: SI), a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors. For more than 160 years, Siemens has built a reputation for leading-edge innovation and the quality of its products, services and solutions. With 405,000 employees in 190 countries, Siemens reported worldwide revenue of $102.9 billion in fiscal 2010. Siemens in the USA reported revenue of $19.9 billion and employs approximately 62,000 people throughout all 50 states and Puerto Rico. For more information on Siemens in the United States, visit www.usa.siemens.com.
About Mohr Health, LLC
Mohr Health, LLC is a privately held, full-service real estate investment company focusing on the development of customized real property in which leading edge medical services are provided. The Mohr Health team consists of highly experienced professionals who have committed the greater part of their careers to the planning, financing, delivery and disposition of complex projects providing the knowledge and expertise needed to solve real estate challenges in a competitive healthcare environment. The company's unique blend of experience allows it to work with healthcare organizations, physicians and other clients in identifying facility requirements and providing organized and professional approaches to address any real estate need.
About Warm Springs Rehabilitation Hospital of San Antonio
Recognized throughout South Texas as a leader in providing comprehensive rehabilitation services, San Antonio Warm Springs is a licensed 65 bed specialty hospital with inpatient and outpatient programs for adults and children.
Located in the heart of the San Antonio Medical Center, Warm Springs maintains the highest levels of accreditation from the Joint Commission. At Warm Springs our mission is to serve people with disabilities by providing compassionate, expert care during the rehabilitation process and to prevent disabilities through education and research.