Caddis Readies for $21M Groundbreaking

The 60-bed rehabilitation hospital's location at State Highway 121 and Bedford Road between Dallas and Fort Worth puts it adjacent to Harris Methodist HEB Hospital, while being near North Hills Hospital and Baylor Regional Medical Center at Grapevine. In fact, according to Jason L. Signor, principal and partner with Dallas-based Caddis Partners LLC, the number of hospitals within a 15-mile radius of the future development is what made the decision easy for Reliant Healthcare to build in Bedford.

"There's a definite lack of rehab beds in this area," comments Signor, whose company is partnering with Reliant Healthcare on the development. "When they make a decision about where to build, they base it on statistical data and patient volume, and based on the market, they know a certain number of patients will need to go into rehab."

Signor tells GlobeSt.com that Caddis Partners acquired the land to build 18 months ago. He acknowledges that the company tried to close on lending for the project late last year but lost both lender and equity partner because of the economic fallout. "We found another equity partner and lender and are ready to go," Signor remarks. "But in the interim we acquired four or five assets, so we kept busy."

MedProperties Holding LLC of Dallas is providing the equity financing for the development. Coppermark Bank in Oklahoma City is supplying the construction financing. Perkins + Will is the architect of record and Hill & Wilkinson the general contractor. Both firms are in Dallas.

Reliant Healthcare of Addison, TX launched construction earlier this year on a 40-bed facility in Dallas. Other North Texas centers the company has either under construction or on the drawing boards are Reliant Rehabilitation Hospital-North Texas in Richardson, TX; Reliant Rehabilitation Hospital-Fort Worth and Reliant Rehabilitation Hospital-Lakeview.