Centurion Foundation Rescues Two Rhode Island Safety Net Hospitals at Risk of Closure

Transaction returns hospitals to local, non-profit management; protects hundreds of jobs and continuity of care for patients

ATLANTA--(BUSINESS WIRE)--Centurion Foundation, a charitable 501(c)(3) organization that works with health care, educational, and government institutions to cost effectively finance, build, and manage mission-critical facilities, announced that Roger Williams Memorial Center in Providence, R.I. and Our Lady of Fatima Hospital in North Providence, R.I., two essential safety-net hospitals previously at risk of closure, have been financially stabilized and returned to local, non-profit management.

Painstakingly negotiated over the course of four years, Centurion advanced a bond-financed structure designed to recapitalize the hospitals and return them to non-profit status and local management. The two hospitals were previously owned by Prospect Medical Holdings, a Los Angeles-based private equity backed owner of hospital chains across the country that filed for Chapter 11 bankruptcy protection in 2025, which put the Rhode Island hospitals at risk of imminent closure.

“This is a triumph by a non-profit organization over a private equity giant that secures jobs and critical healthcare services for patients and entire communities,” said Ben Mingle, chief executive officer of Centurion Foundation. “In partnership with the State of Rhode Island, Bank of America, the communities of Providence and North Providence, and the incredible doctors, nurses, and staff of both hospitals, we were able to secure the financing necessary to wrestle Roger Williams Medical Center and Our Lady of Fatima Hospital out of private equity control, creating an environment and foundation for long-term stability and growth.”

The path to achieving this outcome was neither easy nor certain, with considerable regulatory, political, legal, and financial hurdles. The final financing package included a complex structure totaling more than $100 million in privately financed bonds, along with an $18 million reserve fund from the State of Rhode Island.

“I am hard pressed to name another organization with the tenacity and resiliency to navigate a process as complex and lengthy as this,” said Mingle. “But we did, because we cared and because it was the right thing to do. We position other non-profits to better achieve their own charitable purposes. Now, the teams at Roger Williams Medical Center and Our Lady of Fatima Hospital can spend their time and effort where it belongs - providing excellent patient care - rather than worrying about whether the doors can stay open.”

The new non-profit entity organized as CharterCARE Health of Rhode Island (CHRI), guided by local governance and management, will oversee the governance and management of the hospitals. CHRI will comply with more than 80 conditions of regulatory approval, as mandated by the Rhode Island Attorney General and Department of Health. CharterCARE Health has an annual operating budget of $330 million, employs 2,400 health professionals, and has an affiliated medical staff comprised of more than 600 primary care and specialty providers.

About Centurion Foundation

Founded in 1996, Centurion Foundation has completed more than 40 transactions nationwide, totaling more than $2 billion across the healthcare, higher education, and government sectors. A charitable 501(c)(3) organization, Centurion’s mission is to help other non-profits achieve their charitable purpose through customized real estate acquisition, development, and financing solutions designed to improve operations, reduce the cost of occupancy, and free up capital for mission-critical work.