Bankrupt North Philadelphia Health System has reached a deal to sell its shuttered St. Joseph's Hospital at Sixteenth Street and Girard Avenue for $8.1 million to MMP Hospital Partners LLC., according to a bankruptcy-court motion Monday.
The agreement of sale, dated Feb. 13, was signed by David Waxman, managing partner at MMPartners LLC., which has been building in Brewerytown since 2001. Waxman declined to comment on the pending purchase.
The health system filed a motion Monday to be able to sell the property free and clear of liens, which would then attach to the net proceeds.
NPHS still owes about $8 million on a Federal Housing Administration mortgage, net of $3 million held by the trustee on the loan.