BEHAVIORAL HEALTH HOSPITAL · NORMAN, OKLAHOMA
Oceans Behavioral Health Hospital Norman
A new 48-bed inpatient behavioral health hospital developed by New Era Companies, leased to a joint venture between Norman Regional Health System and Oceans Healthcare. This build-to-suit facility helped deliver a new hospital in a Certificate of Need–licensed state, more than doubling the health system’s behavioral health capacity in the Norman, Oklahoma market.
Licensed Beds
Year Completed
Asset Class
The Project
Doubling capacity where it was needed most.
Behavioral Health Center at Porter Health Village is a ground-up, build-to-suit, 48-bed inpatient behavioral health hospital at 506 Wellness Way in Norman, Oklahoma, completed in early 2024. New Era identified the site, structured the capital, and delivered the state-of-the-art, 36,064-square-foot, single-story hospital on a ±4-acre site within Porter Health Village — a redevelopment of Norman Regional Health System’s historic Porter Campus into a health and wellness destination. The Certificate of Need–licensed facility replaced Norman Regional’s prior 20-bed behavioral unit and more than doubled the system’s behavioral health capacity. It is 100% leased on a long-term lease to Behavioral Health Porter Village, LLC — a joint venture between Norman Regional Health System and Oceans Healthcare, a Webster Equity–backed behavioral platform and one of the largest psychiatric providers in Texas and Louisiana. As a CON-protected, single-tenant healthcare asset delivered on a long-term lease to a health-system-anchored operator, the project demonstrates New Era’s ability to execute mission-critical healthcare development from site identification through construction and stabilization.
Project Details
Asset Class
Behavioral Health Hospital (BHH)
Location
Norman, Oklahoma
Licensed Beds
48 Beds
Building Size
36,064 SF
Stories
1-Story
Completed
2024
New Era Role
Developer · Capital Partner · Investment Principal
Management Partner
Oceans Healthcare
The Facility
Project Location
Norman, Oklahoma
506 Wellness Way
Norman, OK 73071
New Era’s Role
Developer. Capital Partner. Investment Principal.
New Era identified the site, structured the capital, and delivered Behavioral Health Center at Porter Health Village — a Certificate of Need–licensed facility that more than doubled Norman Regional Health System’s behavioral health capacity in the Norman, Oklahoma market.
Developer
Site identification, entitlements, design management, and construction oversight for a 48-bed, 36,064 square foot single-story behavioral health hospital on a ±4-acre site within Porter Health Village, redeveloped from Norman Regional’s historic Porter Campus.
Capital Partner
New Era structured and raised the capital through its investor network. The facility is 100% leased on a long-term lease.
Investment Principal
Through New Era Alternatives, New Era structured the investment and placed Behavioral Health Porter Village, LLC — a joint venture between Norman Regional Health System and Oceans Healthcare — as the management partner. New Era owns the asset and maintains investment oversight.