CaliberCos Inc. to Serve as Financial Partner for New Platform of Behavioral Health Facilities
Oasa Health announced plans for the $52,100,560.00 development of Oasa Health – Olathe, a 96-bed behavioral health hospital to be built at 350 W. Frontier Lane, Olathe, KS. This facility, set on 9.9057 acres, will be Oasa Health’s second location in a nationwide advocacy effort to bring behavioral health services to high growth and/or high demand areas.
Oasa Health has established a growth platform to create 20-30 behavioral health hospitals throughout the country to serve the growing need for mental health services. Scottsdale, AZ-based CaliberCos Inc. (“Caliber”) has committed to serve as financial and operating partner for the development program.
Oasa Health plans to begin construction of the 79,700-square-foot hospital in early 2023. The behavioral health hospital will include four 24-bed units; two for adult services, one for geriatric services and one for adolescent services. It will provide a full continuum of inpatient and outpatient services for patients experiencing depression, anxiety, bipolar disorder, post-traumatic stress disorder and other behavioral health related concerns. These specialty services will complement the programming offered by nearby general acute care hospitals such as Olathe Medical Center.
Oasa Health is a partnership between healthcare leader Signet Health, Solubrius, LLC and Caliber. Signet, which currently manages 60 hospitals nationally, serves as manager of the planned new behavioral health facilities. Solubrius is developer of the hospitals and Caliber is the financial partner and co-developer. Its first project, Oasa Health – Alliance, is located near Fort Worth in Alliance, TX, and will also break ground in 2023. The Olathe facility will quickly follow the Fort Worth groundbreaking. Additional hospital sites are being secured in Kingwood, TX (Houston) and Westminster, CO (Denver). The development team has identified 10 additional locations that are moving towards land purchases.
“The availability of quality health care is key to making Olathe a top destination for residents and businesses,” said Mayor John Bacon. “We welcome this new health care option for Olatheans, and look forward to working with Oasa Health to support our residents’ efforts to enjoy healthy and happy lives in our community.”
“There has been a steady increase in the demand for mental health services nationwide and the need will continue to increase,” said Blake Browder, CEO of Signet Health. “Our analysis highlighted a significant need for additional behavioral health beds to fully support the Olathe community. Creating a Behavioral Health Center of Excellence is in line with our mission to advocate for the most vulnerable in society,” he added.
“This partnership is consistent with Caliber’s ongoing efforts to invest in meaningful, high impact projects,” said George Pace, Executive Vice President of Wealth Development at Caliber. “Caliber was one of the first firms in the country to create a Qualified Opportunity Zone Fund and, today, is one of the largest opportunity zone investors in the Southwest region of the U.S. Through our participation in Oasa Health, we are able to provide our investors with attractive risk-adjusted returns while contributing to the needs of the surrounding communities, both inside and outside of opportunity zones.”
Oasa Health purchased the land for the Olathe development in October 2022. Oasa Health was represented by Sean Craven of AREA Real Estate Advisors in the acquisition of the property and the seller was represented by Rob Holland of Cushman & Wakefield.
CaliberCos Inc., (http://www.caliberco.com), – a vertically integrated alternative asset management firm, is the financial partner for the Olathe hospital and future facilities. It manages internal discretionary funds and family office co-investors to access programmatic strategies to build generational wealth.
Solubrius, LLC serves as developer for the Oasa Health hospital developments. Solubrius, LLC is a premier, full-service development firm specializing in behavioral health hospitals and other healthcare development.
Titan Built of Lenexa, KS serves as general contractor for the Oasa Health – Olathe project (https://www.titanbuilt.com). The Olathe hospital project has received all municipal approvals and permits.
In addition to the economic benefit of the construction, the new hospital also will provide more than 150 new jobs to the community which will include physicians, nurses, social workers, mental health technicians, administrative and facility support staff. These high wage positions will further impact and support the growing local economy, businesses, and infrastructure.
Construction is expected to be completed in 2024.