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Hospital Deal Gone Bust Puts Real-Estate Firm in Spotlight – The Wall Street Journal

WATSONVILLE, Calif.—A group of investors bought this small city’s only hospital in late 2019. To pay for the deal, its buildings and land were sold to one of the country’s largest owners of medical properties. Two years later the hospital went bankrupt.

The Watsonville Community Hospital has served the largely Latino farming region of strawberry fields and apple orchards for more than a century. Now, the community is trying to raise as much as $70 million to buy the hospital and save it from closure.

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