CHA is a real estate company founded in 2008 that has acquired and successfully rehabilitated five distressed hospitals in New Jersey over the years.
According to Esposito, CHA owns and operates several outpatient surgery centers, physician offices and assisted living facilities.
“Prospect and Crozer Health leadership will work closely with CHA and HCPP over the next few months to complete the ownership transition,” Esposito said. “This process includes due diligence, regulatory reviews and obtaining all necessary approvals.”
Crozer is the region’s primary emergency medical service. It is also a major trauma center and is home to the county’s only burn unit. Despite its importance to Delco’s health care system, the system has crumbled in recent years.
Two of these hospitals – Delaware County Memorial and Springfield – are virtually closed.
In October, Prospect reached a deal with the state Attorney General’s Office and the Foundation for Delaware County to sell the troubled hospital system.
In February, the court-approved plan required Prospect to find a nonprofit buyer within 270 days. Prospect kept the process confidential, so it was unclear whether there were any legitimate bidders.
WHYY News first reported in July that Prospect had found a potential buyer, but with a catch: The company wanted $100 million to $500 million from the state to finance the deal.
CHA does not appear to be a nonprofit organization, but its obligation to restore that status to Crozer appears to be consistent with the court-approved agreement.
“CHA Partners is unknown to us, but we look forward to learning more and seeing a formal purchase agreement that discloses their plans to transform our community’s health care system,” Frances Sheehan, president of the Foundation for Delaware County, said in an emailed statement.
The company’s interest in Crozer does not guarantee a happy ending. Wilmington-based ChristianaCare has withdrawn from negotiations to acquire Crozer in 2022.
