What We Know About St. Mark’s New Owner

The Record learned last week that Mark M. Young Sr. of Atlanta, Georgia, purchased the defaulted mortgage for St. Mark’s Medical Center.

St. Mark’s mortgage was backed by the Federal Housing Administration (FHA), a branch of the U.S. Department of Housing and Urban Development (HUD). Falcon Capital Advisors, a company that serves as the Loan Sale Transaction Specialist to sell FHA-defaulted healthcare loans, recently posted information about the sale on their website. Young was listed as the purchaser of the defaulted loan.

Late last year, the St. Mark’s board worked on a deal with Progressive Health Group of Mississippi, HUD, and the loan holder, Lument Real Estate Capital, to reopen the hospital. But that deal never materialized, and HUD decided to auction off the defaulted loan. The posting from Falcon Capital Advisors stated that the unpaid principal balance on St. Mark’s mortgage was $12,128,588.71. The winning bid from Young was for $806,199.42, which amounts to about 6.65 percent of the outstanding balance. The sale took place on Aug. 21, and the winning bidder was announced last week.

Young appears to have gotten a great deal.

The Fayette County Appraisal District lists the market value of the property at $8,531,930. The 31.85 acres of land alone is worth $557,410, according to the Appraisal District. The Record attempted to reach Young on a phone number listed for him by Falcon Capital Advisors. We left a message and attempted to email him, but he has not responded. Young is a managing director of Argent Institutional Trust Company. Argent describes itself as “one of the largest independent fiduciary wealth management firms in the southern United States.”