CIT Provides More Than $44 Million for Medical Office Building Properties

Rhea-AI Summary

CIT, a division of First Citizens Bank, has provided over $44 million in financing for medical office buildings across Florida, Washington, and Arizona. The loans support a joint venture led by Montecito Medical Real Estate, with acquisitions in locations including Jacksonville and Fleming Island in Florida, Scottsdale in Arizona, and Spokane in Washington. This initiative reflects strong market demand for top-tier medical office properties and reinforces CIT's role as a reliable lender in the healthcare sector.

Positive

• Secured over $44 million in medical office financing.
• Supports acquisitions in high-demand markets.

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• None.

NEW YORK, Feb. 23, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance division provided more than $44 million toward the financing of medical office buildings and facilities in Florida, Washington, and Arizona.

The loans supported a joint venture managed by Montecito Medical Real Estate in acquiring medical office buildings in Jacksonville and Fleming Island, Florida; Scottsdale, Arizona; and Spokane, Washington.

"We identified multiple high-quality medical facilities in attractive locations with strong market demand for services," said Chip Conk, Chief Executive Officer, Montecito Medical Real Estate. "CIT is a reliable and consistent relationship lender with deep industry expertise in the medical office sector.  We are pleased to continue to leverage their know-how and agility to arrange financing for these and other medical office acquisition opportunities."

"The market continues to support robust demand for top-tier medical office properties and we are thrilled to execute these transactions on behalf of Montecito," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "We focus on creating the best financing package to meet our client's investment objectives."

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 amount CIT provided for medical office buildings financing on February 23, 2022?

CIT provided over $44 million for the financing of medical office buildings.

Which states are involved in CIT's medical office buildings financing?

The financing involves projects in Florida, Washington, and Arizona.

Who managed the joint venture for the medical office buildings financed by CIT?

The joint venture was managed by Montecito Medical Real Estate.

What type of properties did CIT finance on February 23, 2022?

CIT financed medical office buildings and facilities.

What company is CIT a division of?

CIT is a division of First Citizens Bank.