CIT Provides $50.8 Million to Seavest Healthcare Properties

Rhea-AI Summary

CIT, a division of First Citizens Bank, announced the provision of $50.8 million to Seavest Healthcare Properties for refinancing the Providence Family Wellness Center in Hillsboro, Oregon. This 118,000 square foot facility offers various healthcare services including primary care and urgent care. Leased to Providence Health & Services, a significant player in the U.S. healthcare system, the wellness center serves a growing community. CIT's Healthcare Finance unit focuses on tailored financing solutions for middle market healthcare firms, supporting strategic investments across the sector.

Positive

• CIT provided $50.8 million for refinancing a significant healthcare property.
• The financing supports a newly developed 118,000 square foot wellness center.
• The property is leased to Providence Health & Services, enhancing stability.

Negative

• None.

NEW YORK, Sept. 13, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business provided $50.8 million to Seavest Healthcare Properties, LLC for the refinancing of Providence Family Wellness Center and Medical Office Building.

Providence Family Wellness Center is a newly delivered 118,000 square foot medical office building and wellness center located in Hillsboro, Oregon, 12 miles west of downtown Portland. The building is leased to Providence Health & Services – Oregon, a subsidiary of Providence St. Joseph, the third-largest non-profit health system in the U.S.

The property contains clinical space for services including primary care, pediatrics, behavioral health, sports medicine, women's health, dermatology, cardiology, urgent care, diagnostic imaging, lab, rehabilitation, and sports therapy. In addition, it features a comprehensive active wellness center complete with indoor warm water and outdoor lap pools.

"Providence Family Wellness Center is located in Reed's Crossing, a planned community of over 8,000 homes. The strikingly designed, purpose-built property is poised to support the health and wellness needs of this growing community," said John Winer, chief investment officer at Seavest. "We appreciate our long-standing and significant banking relationship with CIT and their support of this terrific project."

"Seavest is well-known in the industry for their strategic investments in medical office buildings, outpatient facilities and specialized treatment centers," said William Douglass, managing director and group head for CIT's Healthcare Finance team.

"It is a pleasure to work with Seavest as they continue to grow their medical office real estate portfolio. We are proud to support the refinancing of this Class A, multi-specialty medical office and wellness center," said Steve Reedy, managing director of CIT's Healthcare Finance team.

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 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.

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 amount did CIT provide to Seavest Healthcare Properties for refinancing?

CIT provided $50.8 million to Seavest Healthcare Properties for refinancing.

Where is the Providence Family Wellness Center located?

The Providence Family Wellness Center is located in Hillsboro, Oregon.

Who is leasing the Providence Family Wellness Center?

The center is leased to Providence Health & Services, a subsidiary of Providence St. Joseph.

What services are offered at the Providence Family Wellness Center?

The center offers services including primary care, pediatrics, urgent care, and more.

Which bank division provided the financing for the wellness center?

The financing was provided by CIT's Healthcare Finance division.