CIT Provides $22 Million to Refinance Chandler Medical Plaza

Rhea-AI Summary

CIT, a division of First Citizens Bank, announced a $22 million loan to AZ Banner Investments LLC to refinance the Chandler Medical Plaza in Chandler, Arizona. This three-story medical office building houses an advanced surgery and imaging center operated by Banner Health, a leading nonprofit healthcare system. The financing aims to support the growing medical community in the area. CIT's Healthcare Finance unit provides tailored solutions to middle-market healthcare companies, emphasizing client-focused services.

Positive

• CIT provided a $22 million loan supporting the refinancing of a quality medical office building.
• The loan facilitates the expansion of medical services in Chandler, Arizona, enhancing community healthcare access.
• CIT's Healthcare Finance unit demonstrates strong industry expertise in addressing healthcare financing needs.

Negative

• None.

NEW YORK, May 31, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business served as sole lender on a $22 million loan to AZ Banner Investments LLC, which is managed by Webb Management & Investments, LLC. The loan was used to refinance the Chandler Medical Plaza, a three-story medical office building in Chandler, Arizona.

Located minutes from downtown Chandler and 15 miles southwest of Phoenix, the Chandler Medical Plaza houses an advanced surgery center and imaging center operated by Banner Health, the building's sole tenant. Banner Health is one of the larger nonprofit healthcare systems in the U.S. and is the largest private employer in Arizona.

"The Chandler Medical Plaza is centrally located with easy access to nearby freeways and is a significant part of the expanding medical community in Chandler, Arizona," said Eric Webb, Founder and Principal of Webb Management & Investments. "We're pleased to have worked with CIT on this financing and appreciate their solid reputation, agility and healthcare expertise."

"We are excited to assist Webb Management & Investments and to expand our financing in the Greater Phoenix area," said William Douglass, managing director and group head for CIT's Healthcare Finance business.

"We are very proud to support Webb Management & Investments with the subject recapitalization of this high quality, purpose built medical office building anchored by an investment rated health system," said Steven 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:
Lexa Tutela
212-461-5305
Lexa.tutela@firstcitizens.com 

 

 

 

 

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What is the purpose of CIT's $22 million loan to AZ Banner Investments?

The loan is intended to refinance the Chandler Medical Plaza, aiding in the expansion of healthcare services in Chandler, Arizona.

When was the loan announcement made by CIT?

The loan announcement was made on May 31, 2022.

What type of facility is the Chandler Medical Plaza?

The Chandler Medical Plaza is a three-story medical office building housing an advanced surgery and imaging center.

Who is the sole tenant of the Chandler Medical Plaza?

Banner Health is the sole tenant of the Chandler Medical Plaza.

What is the significance of Banner Health?

Banner Health is one of the largest nonprofit healthcare systems in the U.S. and the largest private employer in Arizona.