Atlanta, GA

Emory Proton Therapy Center

Project Summary

Provident is proud to have joined forces with Emory Health and the Winship Cancer Institute to bring state-of-the-art proton therapy technology to mid-town Atlanta. The only facility of its kind in Georgia, the Emory Proton Therapy Center utilizes the most advanced technology in radiation oncology to deliver results for its patients.

Cost
$219,365,000
Size
107,500 square feet, 5 proton treatment rooms, 162 space structured parking deck
Role
Owner / Borrower / Co-Developer
Development Team
Brasfield & Gorrie

In August 2016, Provident began negotiations to acquire the assets of Georgia Proton Treatment Center LLC (“GPTC”) in Atlanta, GA from a private investor group that had initiated the development, design and construction of the Center in CY 2010. The essential assets included a partially completed proton treatment center consisting of the site in midtown Atlanta and approximately 107,500 square feet of purpose-built space for 5 proton treatment rooms (4 rotating gantries and 1 fixed beam system), as well as diagnostic, treatment, planning and imaging equipment, a structured parking deck containing approximately 162 parking spaces, certain equipment contracts and the Certificate of Need from the state of Georgia for the Center. Between 2010 and 2014 partial funding had been raised to acquire the site in midtown Atlanta and commence construction of the Center, while executing a purchase contract for the acquisition of the proton equipment. In 2015 the construction of the Center was suspended due to a lack of funding and by October 2015 the Construction Contractor terminated its agreement with GPTC for nonpayment.

By September 2016, Provident had reached an agreement in principle to acquire GPTC and the Center and then moved forward to develop the financing of the acquisition and completion of the Center, including payment for the proton equipment. Provident and GPTC engaged Citigroup Global Markets Inc., New York, NY to lead the financing effort with Piedmont Securities LLC as Provident’s structuring agent.

Financing

The transaction and the financing closed on July 10, 2017 with the issuance $219,365,000 in tax-exempt bonds by the Atlanta Development Authority Senior Health Care Facilities Current Interest Revenue Bonds (Georgia Proton Treatment Center Project) Tax-Exempt Series 2017A-1.

Development & Management

Installation of the major proton treatment equipment and the completion of the construction of the Center commenced in July 2017. Brasfield Gorrie was the General Contractor. The Center was designed by VOA Architects, now Stantec Architects.

GPTC’s clinical partners are Emory Healthcare Inc. and The Emory Clinic Inc. pursuant to an Amended and Restated Master Services Agreement by and among GPTC, Emory Healthcare Inc. and The Emory Clinic Inc.

Community Impact

The Center treated its first patient in December 2018. The Center is located on a 2.39-acre parcel in Atlanta, GA, and is strategically located within a city block of Emory University Hospital’s Midtown Atlanta campus which includes a 531-bed general acute care hospital.

The Center provides regional access to patients in need of this innovative treatment modality for some of the most complex forms of cancer. Having this facility in the heart of the Atlanta metropolitan area further enhances the history of excellence of Emory Health and the Winship Cancer Institute.