NEW YORK, July 31, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business, part of the CIT division, provided a $50.3 million loan to a joint venture led by Rethink Healthcare Real Estate to refinance the Medical Pavilion at White Oak, an on campus medical office building located adjacent to the Adventist White Oak Medical Center in Silver Spring, Maryland.
Opened in 2019, the Medical Center is located approximately seven miles northeast from Washington D.C. in an emerging healthcare and life science hub off Interstate 95. The Pavilion, which is directly connected to the hospital and to covered parking, houses a comprehensive cancer center, primary care services, and cardiology and other specialists.
"Once again, we are pleased with the execution by First Citizens Bank's Healthcare Finance team in providing financing that supports our focus on maintaining high-quality medical office buildings and specialized care facilities," said John Winer, President & Chief Investment Officer, Rethink Healthcare Real Estate.
"We are delighted to again work closely with Rethink, who has a proven track record of developing and managing high quality medical office buildings and outpatient medical facilities in attractive markets," said William Douglass, who leads the bank's Healthcare Finance business.
"We are pleased to continue to grow our banking relationship with Rethink Healthcare Real Estate through the financing of this state-of-the-art, Class A medical office building," said Steven Reedy, a managing director for First Citizens Bank Healthcare Finance business.
Healthcare Finance, part of the First Citizens Bank's Commercial Finance division, provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. By using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for capital.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.
SOURCE First Citizens Bank