First Citizens Bank Arranges $115 Million in Financing for Illinois Skilled Nursing Facilities

Rhea-AI Summary

First Citizens Bank's Healthcare Finance division has arranged $115 million in financing for the acquisition of eight skilled nursing facilities in Illinois. The borrower is a Midwest-based healthcare real estate investment and management company with investments in over 24 states. The facilities represent more than 1,500 licensed beds, offering care to individuals needing rehabilitation or 24-hour medical attention.

William Douglas, head of First Citizens Healthcare Finance, emphasized the importance of skilled nursing facilities in post-acute care. The bank's Healthcare Finance team leverages its sector knowledge to provide comprehensive financing and banking solutions to middle market healthcare companies across the U.S.

Positive

• Arranged $115 million in financing for acquisition of eight skilled nursing facilities
• Expansion into critical post-acute care sector
• Demonstrates ability to handle large-scale healthcare financing deals
• Strengthens position in middle market healthcare financing

Negative

• None.

NEW YORK, Sept. 5, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business served as lead arranger of $115 million in financing for the acquisition of eight skilled nursing facilities in Illinois.

The borrower is a Midwest-based healthcare real estate investment and management company that invests in a variety of post-acute facilities, with investments in over 24 states.

The eight facilities covered by this transaction represent more than 1,500 licensed beds, which typically offer care to individuals who need rehabilitation from injury or wound care or who suffer from serious or persistent health issues requiring 24-hour medical attention.

"We are pleased to expand our financing for skilled nursing facilities, which are a critical component of the post-acute spectrum of care," said William Douglas, head of First Citizens Healthcare Finance.

"We appreciated the opportunity to leverage our deep sector knowledge to support our client with the financing they sought to advance their business," Michael Coiley, a managing director on the Healthcare Finance team.

First Citizens Healthcare Finance provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. Using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for growth capital.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

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

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SOURCE First Citizens Bank

FAQ

What is the value of the financing arranged by First Citizens Bank for Illinois skilled nursing facilities?

First Citizens Bank arranged $115 million in financing for the acquisition of eight skilled nursing facilities in Illinois.

How many licensed beds are included in the First Citizens Bank (FCNCA) financed skilled nursing facilities?

The eight skilled nursing facilities financed by First Citizens Bank represent more than 1,500 licensed beds.

What types of care do the First Citizens Bank (FCNCA) financed skilled nursing facilities provide?

The facilities typically offer care to individuals who need rehabilitation from injury or wound care, or who require 24-hour medical attention due to serious or persistent health issues.

Who is the borrower for the $115 million financing arranged by First Citizens Bank (FCNCA)?

The borrower is a Midwest-based healthcare real estate investment and management company that invests in post-acute facilities across over 24 states.