Skip Ribbon Commands
Skip to main content

News release

Nassau County, NY

Jones Lang LaSalle Finalizes Advisory Assignment for Nassau Healthcare Corporation

Health Care REIT Inc. chosen for $1 billion redevelopment of two campuses for senior living and medical office building use

NASSAU COUNTY, NY JULY 23, 2009 — Jones Lang LaSalle, the leading financial and services firm specializing in real estate, has finalized an advisory assignment for Nassau Healthcare Corporation (NHCC) resulting in its selection of Health Care REIT Inc. as master developer in connection with the proposed redevelopment of two properties in the Long Island, New York submarket.  The first proposed redevelopment comprises 50 acres of the A. Holly Patterson Uniondale campus that will be redeveloped as the “Senior Village at Patterson.” The second property comprises the redevelopment of 35 acres at the Nassau University Medical Center East Meadow campus into the “Village for Healthy Living.”  As part of the consulting team, Jones Lang LaSalle coordinated the advisory and underwriting of the opportunity as well as the management of the bidding process.
Leading the Jones Lang LaSalle team on this assignment was Poe Corn, Executive Vice President with the firm’s healthcare practice.
“These two proposed redevelopments—each comprising one of the largest development opportunities in Nassau County—will help transform the NHCC’s land resources, revitalize the Long Island Economy and improve the healthcare of Nassau’s residents,” said Corn.  “Health Care REIT triumphed over numerous other worthy contenders for this assignment, and is the perfect partner with which to develop this $1 billion project.”
Adds NHCC’s President/CEO Arthur A. Gianelli, “It is exciting and important to the future of the NHCC and to the economy of Long Island, that even during these economic downturns, we received extremely strong and competitive responses to our request for proposals.  Selecting Health Care REIT as our developer, a firm with tremendous experience and significant financing capabilities, signals the next exciting step in our redevelopment plans and is a strong indication that a market exists for the NHCC to further its mission and vision for these two properties, while providing a high quality of health care to the populations that we serve.”
The conceptual plan for the senior village includes a new 320-bed nursing home, 150-bed assisted living facility, community health center, 29-station dialysis center, 388 units of senior  independent/congregate housing, 100,000 square feet of retail/office space, a community center and athletic field, and about four acres of open space and walking trails. NHCC will continue to own and operate the new nursing home, community health center and dialysis center, but will joint venture with Health Care REIT on the rest of the development.
In East Meadow, Health Care REIT will develop medical office buildings for private physicians, an ambulatory surgery center, medical research, a wellness center, community and open space, and new housing for hospital residents and medical students.
Jones Lang LaSalle’s healthcare real estate and finance practice offers strategic solutions for aligning an organization’s real estate needs with its broader operational goals.  The firm’s healthcare finance experts are highly skilled at real estate capitalization and provide a wide variety of advisory and implementation services that ensure healthcare providers are making the most accurate decisions possible regarding their future real estate and finance needs.
Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.   The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide derivatives structuring and loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  The Development and Asset Strategy team specializes in the sale of non-income-producing properties in their various forms from vacant buildings to raw land to entitled parcels and partially completed subdivisions.  The firm's Value Recovery Services assist clients affected by the current financial crisis by creating value while managing risks through evaluating operational and occupancy needs, assisting with challenged assets and liabilities on their balance sheets, providing receivership services, asset management, raising capital through sales-leasebacks and providing leasing and recapitalization strategies for distressed assets. In the past two years, the firm’s Capital Markets team handled $117 billion of transaction volume.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $46 billion of assets under management. For further information, please visit our Web site,
200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A 2BN │ 9 Raffles Place #39–00 Republic Plaza Singapore 048619