Pipeline Health System, LLC, has finalized the real estate transaction concerning two Chicago hospitals with Ramco Healthcare Holdings, LLC. The transaction was finalized late in the day Dec. 29.
Resilience Healthcare assumed operations of the two hospitals — West Suburban Medical Center in Oak Park and Weiss Memorial Hospital in Chicago’s Uptown neighborhood — Dec. 3, in the first of a two-phase agreement.
Phase one involved the transition to Resilience of the operations affiliated with the two hospitals, the medical office building adjacent to Weiss, the River Forest Medical Campus affiliated with West Suburban and the Chicago Health Medical Group.
Phase two involves Ramco’s purchase of the real estate associated with the Chicago medical facilities.
Pipeline’s sale of its Chicago hospital facilities was approved by the Illinois Health Facilities and Services Review Board June 7. More recently, that sale was approved by the U.S. Bankruptcy Court for the Southern District of Texas. Pipeline filed for chapter 11 reorganization on Oct. 2.
Resilience is led by healthcare executive Manoj Prasad and financial partner Rathnakar R. Patlola, who manages Ramco.