"We are excited to expand our long relationship with Lillibridge through our fourth venture together," Jeff Granoff, principal of PREI's merchant banking team, says. "After becoming one of its first investors more than 10 years ago, their long-term approach to providing for health care needs, along with the strength of their management expertise, gives our investors the opportunity to participate in top-tier projects around the United States."

The most recently committed funds will be used for future developments and acquisitions. Lillibridge currently has an ownership interest in six million square feet of health care real estate spanning 16 states. The Chicago-based firm has collaborated with more than 250 hospitals and health systems nationwide.

"We've had a very strong relationship with PREI for over a decade," Lillibridge Chairman and CEO Todd Lillibridge says. "It's a testament to the quality of properties that we acquire and develop that we were able to secure this equity commitment in this time of very tough capital markets."

Locally, recent acquisitions by Lillibridge have included a $31 million medical office portfolio. The 13 buildings, which total 255,000 square feet, were purchased from Decatur Memorial Hospital this spring. The multi-tenant properties, about 95% occupied at the time of closing, are all located within Decatur and ten of them within Decatur Memorial's campus.