UMass mental health facility sells for $27M
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Hospital for Behavioral Medicine
The Hospital for Behavioral Medicine, a UMass Memorial Health Care facility in Worcester, has sold for $27 million, though the facility is remaining open and will not be affected by the sale.
The sale of the 82,000-square-foot building closed May 2. The entity CHCT Massachusetts bought the property on the West Boylston line from Richard Kresch and Worcester Behavioral Innovations Realty.
The buyer is registered to Community Healthcare Trust in Tennessee. The seller, Worcester Behavioral Innovations Realty, is registered to a New York City affiliate of US HealthVest, the firm operating the facility in a partnership with UMass. Kresch is listed as one of its principals.
UMass Memorial said Worcester Behavioral Innovations sold the building as part of its permanent financing of the facility.
UMass Memorial opened the 120-bed facility last winter after eliminating 13 psychiatric beds at its University Campus to convert them to medical and surgical unit use. The building offers inpatient care and outpatient services for children and adults.
The property was last assessed for $7.8 million, nearly exactly the amount that Worcester Behavioral Innovations paid for the site in 2017.
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