Caliber-The Wealth Development Company has closed a deal as the property owner and developer of a 62,592-square-foot behavioral health clinic in downtown Phoenix. The 96-bed facility will be occupied by Dr. Cameron Gilbert and his company, Medical Behavioral Hospital of Phoenix LLC., and will care for patients struggling with medical and psychiatric conditions. Caliber purchased the facility, located near 14th Street and McDowell Road, for $10 million and will complete $9.5 million of renovations in the next year.
“This is a great example of how opportunity zones can truly make a positive impact on communities by enabling projects that are profitable, yet otherwise may not have attracted traditional funding,” said Chris Loeffler, CEO and co-founder of Caliber-The Wealth Development Company. “The clinic is expected to bring 80 high-income jobs into downtown Phoenix and, more importantly, serve a population in desperate need for advanced care.”
The clinic is the fourth investment to be included in the Caliber Tax Advantaged Opportunity Zone Fund, LP. and is one of the first healthcare opportunity zone properties across the country. Over the past year, Caliber has emerged as an industry-leading expert in opportunity zones and its Qualified Opportunity Zone Fund (QOF) has raised more than $40 million since its launch in Q4 2018. The fund is open to investment of short- and long-term capital gains, providing significant tax savings to investors, and is expected to reach its $500 million goal within two years.
“The partnership with Caliber has allowed us to expand our reach and bring proven behavioral healthcare programming to an additional 4,500 patients each year,” said Dr. Cameron Gilbert, founder of NeuroPsychiatric Hospitals and CEO and Board Chairman of the Medical Behavioral Hospital of Phoenix LLC. “Our nationally recognized programs utilize an integrated model that works to ensure that all patient complexities are properly addressed to heal both body and mind.”
Dr. Gilbert currently operates four successful facilities in Indiana. This will be the organization’s first location in Arizona, with plans for future expansion throughout the Southwest already in the works. The new Medical Behavioral Hospital of Phoenix will primarily serve Medicare and Medicaid patients and help ease the strain on traditional emergency departments and hospitals. The clinic is located within 15 miles of 27 medical hospitals and is expected to form agreements with other medical organizations to provide a continuum of care for patients with complex medical, behavioral and neuropsychiatric issues.
Initial site demolition is already underway, and renovations are expected to be complete by 2020. For more details on the behavioral health center, Caliber’s QOF or other investment opportunities, visit CaliberCo.com. Investors seeking to learn more about Caliber are encouraged to meet with the company at its Scottsdale headquarters or on the road, with the next two opportunities on Friday, August 9 in New York and Monday August 12 in Chicago. Details at www.OpportunityZoneExpo.com.