PROJECTS & CASE STUDIES
Our Work
HealthCore Foundation partners with nonprofit healthcare organizations across the country to deliver facility solutions that deepen community impact, advance care access, and strengthen long-term financial health.
Here are some examples of our Foundation Lease Model in action.
CHRISTUS Westover Hills
Medical Outpatient Buildings
SAN ANTONIO, TEXAS | $50.8M BOND FINANCING
PROJECT OVERVIEW
CHRISTUS Health sought to acquire two medical outpatient buildings located on the CHRISTUS Santa Rosa Hospital Campus. Under the existing ground lease, they held a Right of First Offer (ROFO) on the properties. Seeking an efficient and cost-effective acquisition solution, CHRISTUS partnered with HealthCore Foundation to implement the Foundation Lease Model.
OUTCOME
- HealthCore took assignment of the purchase options and acquired both properties.
- Delivered off-balance-sheet financing via tax-exempt bonds.
- Secured with a 10-year absolute NNN master lease.
- CHRISTUS maintains full operational control with long-
term flexibility. - This transaction delivered materially lower occupancy costs and enhanced CHRISTUS Health’s ability to serve its market.
NorthBay Health Medical
Outpatient Buildings
NORTHERN CALIFORNIA | $22M BOND FINANCING
PROJECT OVERVIEW
NorthBay Health sought ownership and modernization of four medical outpatient buildings in the Sacramento and Suisun Valley regions. These facilities provide critical primary and urgent care services, particularly in underserved rural communities.
OUTCOME
- HealthCore provided 100% tax-exempt financing.
- Acquisition and tenant improvement costs fully funded.
- Off-balance-sheet lease structure optimized financial flexibility.
- NorthBay expanded access to essential care and strengthened its regional delivery model.
This project directly advanced both NorthBay’s mission and HealthCore’s charitable purpose.
NorthBay VacaValley
Wellness Center
VACAVILLE CALIFORNIA | $79M BOND FINANCING
PROJECT OVERVIEW
NorthBay Health sought financing to acquire and expand its 115,000 SF VacaValley Wellness Center in Vacaville, CA. The campus includes the Heidi Y. Campini Cancer Center — the only cancer treatment facility in Solano County — along with rehabilitation, aquatics, and wellness services.
At the time of financing, the cancer center was operating at nearly 200% capacity, creating an urgent need for expansion.
HealthCore utilized its Foundation Lease Model to structure acquisition and expansion financing while maintaining off-balance-sheet treatment.
OUTCOME
- Funded approximately $20M in capital upgrades.
- Structured $79M bond issuance under the Foundation Lease Model.
- Achieved off-balance-sheet operating lease accounting.
- Cancer center expansion including second vault and linear accelerator.
- Secured long-term stability through a 10-year absolute NNN master lease.
HealthCore utilized its Foundation Lease Model to structure acquisition and expansion financing while maintaining off-balance-sheet treatment.
Future Projects
HealthCore continues to evaluate opportunities with nonprofit health systems nationwide. Additional case studies will be added as new developments, acquisitions, and facility improvement initiatives are completed.