SECAUCUS – The sale of Meadowlands Hospital Medical Center in Secaucus is scheduled to be finalized on December 7 now that a Hudson County judge has approved the sale.
The judge approved the sale Wednesday afternoon.
The December 7 closing date for the sale between current hospital owner LibertyHealth System and buyer MHA, LLC will end a lengthy review process that began 10 months ago when LibertyHealth announced that it would sell Meadowlands Hospital.
The sale attracted extraordinary scrutiny from various state agencies that had to approve the deal because, if approved, the sale would shift Meadowlands Hospital from the nonprofit LibertyHealth to the for profit MHA, a limited liability corporation comprised of individual investors.
“The new owners feel it’s been a very rigorous, comprehensive process. They look forward to working with the physicians, staff, community, and other constituent groups that are concerned about a strong Meadowlands Hospital,” said MHA spokesman Bill Maer Thursday morning.
MHA is purchasing Meadowlands Hospital for $15 million, although the state required the group to put an additional 2 million in escrow as a condition of the sale, Maer said.
The Town of Secaucus, where the hospital is based, stands to benefit financially from the sale. Because LibertyHealth was a nonprofit, the town did not collect property taxes from the hospital site. Once under MHA ownership the town stands to generate about $500,000 in property taxes annually from the facility, according to Secaucus Mayor Michael Gonnelli. – E. Assata Wright