First Citizens Bank Arranges $260 Million in Financing for Skilled Nursing Facilities

Rhea-AI Summary

First Citizens Bank arranged a $260 million loan to refinance 12 skilled nursing facilities in Maryland, providing care to individuals needing rehabilitation or 24-hour medical attention. The borrower is a Midwest-based healthcare real estate investment company. The Healthcare Finance division of First Citizens specializes in providing financing solutions to middle market healthcare companies across the U.S.

NEW YORK, May 9, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business served as lead arranger for a $260 million loan to refinance a portfolio of 12 skilled nursing facilities in Maryland.

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.

These specific licensed facilities represent more than 1,500 skilled nursing beds, which typically offer care to individuals who need rehabilitation from injury, wound care or who suffer from serious or persistent health issues requiring 24-hour medical attention.

"Skilled Nursing is a critical piece of the post-acute spectrum of care, and we are pleased to have supported this financing on behalf of a new client," said William Douglass, head of First Citizens Healthcare Finance.

"Our team quickly understood the key needs and priorities and were able to leverage First Citizen's sector knowledge to ensure a smooth execution. We were able to deliver on the promises we made," said 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. Discover more at firstcitizens.com.

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

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/first-citizens-bank-arranges-260-million-in-financing-for-skilled-nursing-facilities-302139243.html

SOURCE First Citizens Bank

FAQ

What was the loan amount arranged by First Citizens Bank for skilled nursing facilities?

First Citizens Bank arranged a $260 million loan to refinance a portfolio of 12 skilled nursing facilities in Maryland.

What type of facilities were included in the refinance deal?

The refinance deal included 12 skilled nursing facilities with over 1,500 skilled nursing beds.

Which division of First Citizens Bank handled the financing for the skilled nursing facilities?

The Healthcare Finance division of First Citizens Bank served as the lead arranger for the $260 million loan.

What kind of healthcare companies does First Citizens Healthcare Finance provide financing solutions to?

First Citizens Healthcare Finance provides financing and banking solutions to middle market healthcare companies across the U.S.