Property records shine light on Steward finances

Property data present Steward Health Care hospitals in Boston have quite a few excellent liens for almost $4 million of debt to numerous contractors.

Steward Health Care system, the biggest non-public for-profit healthcare community within the nation, teetered alongside a monetary cliff threatening not less than 4 Massachusetts hospitals, however introduced it had secured funding to maintain all open on Friday.

The Dallas-based community owns 9 hospitals in Massachusetts, together with Carney Hospital in Dorchester and St. Elizabeth’s Medical Center.

According to Suffolk Country land data, the Boston-based hospitals have not less than six excellent liens, which give debtors a declare on the property as collateral till Steward pays the debt.

St. Elizabeth’s owes over $3,500,000 to numerous normal, portray, hearth safety and different contractors for work courting again to not less than 2019. The overwhelming majority of the debt, over $3 million, is held by KCD General Contractors for contracts courting to 2023.

Carney Hospital owes much less, simply over $300,000, based mostly on a single excellent lien issued in 2022 to M. Curley Painting.

Liens on each properties held by Weatherproofing Technologies for smaller money owed have been dissolved after funds in January.

As of Friday, the Steward Executive Vice President introduced the corporate had secured a “significant financial transaction” to stabilize operations and preserve all hospitals in Massachusetts open.

Steward owes $50 million in unpaid lease, an announcement launched by proprietor, Medical Properties Trust, Inc. mentioned in December. The community can also be going through over a dozen lawsuits in Massachusetts filed by distributors and workers relating to unpaid invoices since 2022, the Boston Globe reported.

Public officers, together with a number of Massachusetts lawmakers, have pressed the well being care system over the position of personal fairness mismanagement of their monetary misery and introduced forth discussions of the steadiness of present hospital funding mechanisms.