Vibra Hospital of the Central Dakotas Development C A S E S T U DY
P RO P E RT Y N A M E Vibra Hospital of the Central Dakotas Development
DAT E C LO S E D July 21, 2026
C I T Y, S TAT E Bismarck, North Dakota
U N I Q U E C H A R ACT E R I S T I C S O F T H E D E A L A N D CHALLENGES PRESENTED This transaction involved a specialized healthcare development requiring both equity and financing solutions. The new facility will serve as a centrally located replacement hospital for the existing 41-bed Vibra LTACH while also bringing a much-needed inpatient rehabilitation facility to the Bismarck market. Given current investor appetite
LENDER
and sentiment for LTACHs, a tertiary market location, and
First Horizon Bank
challenged but improving tenant credit, the prospective
PURPOSE Equity placement and development financing for the construction of a build-to-suit healthcare facility
UNITS 50 beds
Y E A R B U I LT Under Construction
capital solutions were limited. These challenges along with the facility’s specialty healthcare focus required a tailored capital solution aligned with the developer’s objectives.
B E R K A D I A S O LU T I O N Berkadia delivered an integrated capital solution by bringing together its Medical & Life Sciences and Strategic Capital teams to lead the equity placement on behalf of Development Solutions. Simultaneously, Berkadia secured development financing through First Horizon Bank. This coordinated approach provided the client with a customized
P RO P E RT Y O BJ E CT I V E S Development Solutions was seeking both equity placement and development financing for Vibra Hospital of the Central Dakotas, a new 50-bed inpatient rehabilitation facility and long-term acute care hospital in Bismarck, North Dakota. The goal was to deliver a build-to-suit facility that would be fully leased to Vibra Hospital of the Central Dakotas, while also expanding access to specialty care in the market.
equity and financing solution designed to support the project’s successful development. Berkadia addressed the client’s needs by coordinating across business lines to deliver both equity placement and development financing through a single, integrated execution. The collaboration between Berkadia Medical & Life Sciences and Berkadia Strategic Capital achieved a strong capital structure providing 90 percent of the capital stack at competitive terms while aligning with the developer’s and project’s specialized healthcare use and investment goals.
CASE STUDY C L I E N T R E S U LT S The client obtained a structured capital solution that supports the development of a new healthcare facility in Bismarck. Once complete, the hospital will replace the existing 41-bed Vibra LTACH and add inpatient rehabilitation services to the market. The project will feature 100% private rooms and a central location designed to improve patient access and support high-quality care. Development Solutions benefited from Berkadia’s ability to secure both equity placement and development financing for a specialized healthcare asset. The project is positioned for success because the facility will be fully leased to Vibra Hospital of the Central Dakotas, providing committed tenancy from the outset. In addition, the development addresses an important healthcare need in the market by replacing an existing facility and expanding rehabilitation services in a modern setting.
MEDICAL AND LIFE SCIENCES
Sabrina Solomiany
Senior Managing Director – Head of Medical & Life Sciences 404.536.5054 sabrina.solomiany@berkadia.com
Vasili Davos
Chris Lashmet
Managing Director 617.784.4762 vasili.davos@berkadia.com
Eric Lee
Managing Director 847.209.0425 chris.lashmet@berkadia.com
Mike Rogers
Managing Director 763.226.8563 eric.lee@berkadia.com
Managing Director 312.914.8374 mike.rogers@berkadia.com
S T R AT E G I C C A P I TA L
Gordon Reynolds
Senior Managing Director – Head of Strategic Capital 215.620.1909 gordon.reynolds@berkadia.com
Brian Myers
Senior Managing Director 214.999.7071 brian.myers@berkadia.com
Conner Adkins
Vice President 731.616.6485 conner.adkins@berkadia.com
BERKADIA.COM / 800.446.2226 a Berkshire Hathaway and Jefferies Financial Group company © 2026 Berkadia Proprietary Holding LLC. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. This advertisement is not intended to solicit commercial mortgage company business in Nevada. Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. In California, Berkadia Commercial Mortgage LLC makes or arranges loans pursuant to a California Financing license. Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. #01931050. For state licensing details for the above entities, visit www.berkadia.com/licensing. 0826MH