Bankrupt Prospect Medical received bids of $10 million for Crozer-Chester Medical Center and $3 million for Springfield Hospital
Chariot Allaire Partners was the top bidder for Crozer-Chester Medical Center. A partnership between Restorative Health Foundation and Syan Investments won the Springfield auction.
The winning bids at a bankruptcy auction were $10 million for Crozer-Chester Medical Center and $3 million for Springfield Hospital, owner Prospect Medical Holdings Inc. said in a court filing late Monday.
The California for-profit, which filed for bankruptcy protection in January, identified the top bidders from Friday’s auction as Chariot Allaire Partners LLC for Crozer-Chester in Upland and Restorative Health Foundation and Syan Investments LLC for Springfield.
Prospect did not say in its filing when it expected the sales to be finalized. Both hospitals are currently closed.
Yoel Polack, who is in the group that wants to buy Crozer-Chester, initially declined to comment about plans for the property. “We are still working through final administrative details of the sale and will wait until next week to make any statements to the press,” he said in an email over the weekend.
Polack is identified on LinkedIn as principal at Chariot Equities, which describes itself on its website as a real estate investment and development company. Previously, Polack worked in healthcare real estate, such as medical office buildings, at Simone Development Cos. in New York.
Polack had an out-of-office reply on his email Tuesday, saying he would have no internet or phone access until Thursday.
The president of Upland Borough Council, Christine Peterson, did not respond to a request for comment Monday about the winning bidder.
No definitive information was available on Restorative Health Foundation and Syan Investments.
A phone number registered under the name Restorative Health Foundation in Philadelphia led to a home care agency called Restorative Home Care. The person who answered the phone Tuesday said she knew of no connection to a bid for Springfield Hospital. Another number for Restorative Health Foundation had a voicemail box that was full.
Restorative Health and Syan also participated in the Crozer-Chester auction, driving the winning bid up to $10 million from Chariot Allaire’s original $7 million offer. They were identified as the backup bidder for Crozer-Chester, in case Chariot Allaire doesn’t complete the purchase.
At Springfield, KQT Aikens Partners 2 LLC is the backup buyer. That involves the same group of local investors that bought Taylor Hospital for $1 million last month.
Prospect shuttered Crozer-Chester this spring, following the failure of government-led efforts to find a new, nonprofit owner. It had closed Springfield in 2022.