BROOKLYN, NY-Sunset LG Realty LLC has purchased Victory Memorial Hospital’s main campus here and two operating businesses–Victory’s 150-bed Skilled Nursing Facility and its 400 patient home health care business, for $44.9 million. CIT Group Inc. served as the real estate advisor to both the hospital and its Official Committee of Unsecured Creditors in the sale.

The US Bankruptcy Court approved the sale last week and the new ownership is arranging for the continued operation of both of these programs, the hospital’s clinics and other medical services under new management. has learned that the Skilled Nursing Facility is operated on the site of the 333,000-sf Main Campus that is being sold to Sunset and the Lombardi Home Health Program is a home care program “so little to no space is needed to operate the business in the ordinary course.”

According to CIT, the transaction, when completed, will be “one of the first successful sales and restructurings of medical services at a hospital slated for closure by the Berger Commission,” a non-partisan panel created by former Gov. George Pataki and the New York State Legislature to review the regional and local supply of hospital and nursing home beds throughout the State. Natalie Wilensky, managing director of CIT Investment Banking Services, Real Estate, tells that the transaction is subject to Department of Health approval and is expected to close in Q4 2008. “Much work was done in advance of an auction to involve DOH in the bidder prequalification process and gain certain assurances that the buyer and its operating partners would likely pass DOH approval requirements.”

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