CIT Provides $27.8 Million for Acquisition of Medical Office Buildings in Wichita, Kansas

Rhea-AI Summary

CIT, a division of First Citizens Bank, has provided $27.8 million to a joint venture between Kayne Anderson Real Estate and Remedy Medical Properties for acquiring a surgical hospital and medical office building portfolio in Wichita, Kansas. The portfolio includes the Kansas Spine & Specialty Hospital, recognized as one of America’s 100 best hospitals for spine surgery, and the Abay Medical Plaza, which houses key healthcare tenants. This acquisition aims to enhance healthcare services in the community, leveraging CIT’s expertise in healthcare finance.

Positive

• CIT provided $27.8 million for the acquisition, showing confidence in the healthcare sector.
• The Kansas Spine & Specialty Hospital is recognized for its excellence in spine surgery, indicating a strong investment.
• The acquisition aligns with community needs for accessible surgical and pain management services.

Negative

• None.

NEW YORK, Dec. 14, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business provided $27.8 million to a joint venture between Kayne Anderson Real Estate and Remedy Medical Properties for the acquisition of a surgical hospital and medical office building portfolio located in Wichita, Kansas.

The portfolio includes Kansas Spine & Specialty Hospital and Abay Medical Plaza. Kansas Spine & Specialty Hospital is a regional center for diagnosing and treating disorders of the spine, neck and joints, and is recognized as one of America's 100 best hospitals for spine surgery by Becker's Hospital Review. Abay Medical Plaza is leased to four tenants with the largest tenant being Abay Neuroscience Center – one of the largest neurosurgery practices in Kansas – and the second largest tenant being the Pain Center at Kansas Spine & Specialty Hospital.

"Located in Wichita's medical corridor, the surgery center and medical office building within this portfolio are providing essential services to community members who benefit from having a surgical hospital and pain center in the same complex," said Antonio Minchella, senior managing director – Medical Office at Kayne Anderson. "We appreciate working with the knowledgeable and efficient team at CIT Healthcare Finance to arrange financing for our acquisition of this valuable portfolio."

"Kayne Anderson Real Estate and Remedy Medical Properties are experienced real estate investors and well-known for their high-quality portfolios of medical office buildings," said William Douglass, managing director and group head for CIT Healthcare Finance. "We are proud to help contribute value to their business plans alongside financing."

"With our deep industry relationships, experience and market expertise, we are pleased to advance the goals of Kayne Anderson Real Estate and Remedy Medical Properties by creating unique financing tailored to meet their needs," said Steven Reedy, a managing director in CIT Healthcare Finance.

CIT's Healthcare Finance unit 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 550 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.

About Kayne Anderson Real Estate
Kayne Anderson Real Estate ("KA Real Estate") is a leading real estate private equity investor in medical office, seniors housing, off-campus student housing, multifamily housing and self-storage. KA Real Estate manages $14.5 billion of real estate AUM (as of 10/31/2022) across opportunistic equity, core equity and real estate debt. KA Real Estate is part of Kayne Anderson Capital Advisors, L.P., a $34 billion alternative investment management firm with more than 38 years of successful experience in the real estate, infrastructure, credit, and growth capital sectors.

About Remedy Medical Properties
Remedy Medical Properties is a full-service healthcare real estate company and the largest owner of healthcare properties in the country, with more than 28 million square feet and 25 offices spanning 43 states. For healthcare decision-makers who want to maximize the value of their real estate while enhancing their ability to adapt, our national presence enables us to offer the right solutions in the right locations for your organization. Remedy offers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy. Our willingness to commit capital, share more risk, and offer greater foresight results in greater resilience, profitability, and peace of mind for our clients. For more information visit www.RemedyMed.com.

MEDIA RELATIONS:

CIT, a division of First Citizens Bank
Lexa Tutela
212-461-5305
lexa.tutela@firstcitizens.com 

Kayne Anderson Capital Advisors
Alexander Candia
561-300-6237
acandia@kaynecapital.com 

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What is the recent acquisition financed by CIT?

CIT financed a $27.8 million acquisition of a surgical hospital and medical office building portfolio in Wichita, Kansas.

Who are the parties involved in the acquisition funded by CIT?

The acquisition involves a joint venture between Kayne Anderson Real Estate and Remedy Medical Properties.

What is the significance of the Kansas Spine & Specialty Hospital?

The Kansas Spine & Specialty Hospital is ranked among America's 100 best hospitals for spine surgery.

How does this acquisition impact the local healthcare services?

The acquisition enhances access to essential surgical and pain management services in the Wichita community.

What is the stock symbol for First Citizens BancShares?

The stock symbol for First Citizens BancShares is FCNCA.