Hahnemann University Hospital

Hahnemann's September 2019 closure demonstrated predatory real estate conversion in healthcare. Private equity firm Paladin Healthcare bought Philadelphia's only center-city Level 1 trauma center, then sold the real estate to a Harrison Street affiliate. The hospital became a tenant in its own building, with rent obligations that made operations unsustainable. When closure was announced, the building's owners planned luxury apartment conversion. Hahnemann showed how healthcare facilities can be worth more dead than alive to real estate speculators.