CIT Arranges $67.5 Million Financing for Acquisition and Expansion of Surgical Hospital and Adjacent Medical Office

Rhea-AI Summary

CIT, a division of First Citizens Bank, has arranged $67.5 million in financing for the acquisition and expansion of the Northwest Specialty Hospital in the Greater Spokane area. The facility includes a 32-bed surgical hospital and a 36,000-square-foot medical office building. The acquisition is led by Hammes Partners, known for its high-quality medical properties investment. This financing supports CIT's commitment to healthcare finance, enhancing relationships and enabling further growth in a high-demand market.

Positive

• CIT has successfully secured $67.5 million in financing for healthcare expansion.
• The Northwest Specialty Hospital acquisition enhances CIT's relationship with Hammes Partners.
• Investment in a high-demand medical facility supports future revenue growth.

Negative

• None.

NEW YORK, Aug. 17, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business served as lead arranger for $67.5 million in financing for the acquisition and future expansion of the Northwest Specialty Hospital in the Greater Spokane market region.

The property consists of a multi-specialty surgical hospital with 32 beds, eight operating rooms, two procedure rooms, two anesthesia recovery units, an endoscopy center and a connected 36,000-square-foot medical office building located in Post Falls, Idaho, part of the Greater Spokane market.

The buyer is Hammes Partners, an investment management firm that invests on behalf of institutional investors with an exclusive focus on the U.S. healthcare real estate market.

"Northwest Specialty Hospital and its medical office building are top-notch properties that support quality medical care in a fast-growing region where demand is strong," said Todd Kibler, Managing Principal of Hammes Partners. "Through the years we have developed a very solid banking relationship with CIT.  We appreciate their Healthcare industry knowledge, market awareness, agility, and commitment to timely and consistent execution."

"Hammes Partners is well-regarded throughout the industry for their investments in high-quality medical properties," said William Douglass, managing director and group head for CIT Healthcare Finance.

"We are pleased to continue to support Hammes Partners and expand upon our significant and growing relationship through the arrangement of this very important financing," said Steve Reedy, a managing director in Healthcare Finance.

CIT's Healthcare Finance unit, part of the 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 CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What is the purpose of CIT's $67.5 million financing?

The financing is for the acquisition and expansion of Northwest Specialty Hospital.

Who is acquiring Northwest Specialty Hospital?

Hammes Partners is the buyer of Northwest Specialty Hospital.

What facilities are included in the Northwest Specialty Hospital acquisition?

The acquisition includes a 32-bed surgical hospital and a connected 36,000-square-foot medical office building.

How does this financing impact CIT's business?

This financing strengthens CIT's presence in the healthcare finance sector and expands its relationship with Hammes Partners.

What market does Northwest Specialty Hospital serve?

Northwest Specialty Hospital serves the growing Greater Spokane market.