First Citizens Bank Provides $31.2 Million for Acquisition of Cancer Treatment Center in Columbia, South Carolina

Rhea-AI Summary

On February 8, 2023, First Citizens Bank's Healthcare Finance group announced the provision of $31.2 million to Montecito Medical Real Estate for acquiring a cancer treatment center in Columbia, South Carolina. The center, leased to South Carolina Oncology Associates (SCOA), a leader in oncology services in the region, will deliver comprehensive cancer care and support services. This financing strengthens First Citizens' partnership with Montecito Medical, known for its extensive healthcare real estate portfolio valued at over $5 billion since its inception. The development is strategically positioned between two major medical corridors, enhancing community healthcare access.

Positive

• Financing of $31.2 million supports the acquisition of a strategically located cancer treatment center.
• Strengthens relationship with Montecito Medical, an established player in healthcare real estate.
• Enhances community healthcare services in Columbia, South Carolina.

Negative

• None.

NEW YORK, Feb. 8, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance group, part of the CIT division, provided $31.2 million to Montecito Medical Real Estate to finance the acquisition of a cancer treatment center in Columbia, South Carolina.

The treatment center is leased to South Carolina Oncology Associates (SCOA), the Columbia region's leader in oncology services and the largest private oncology practice in the state. SCOA provides a range of cancer services in one location, including medical, radiation and gynecology oncology services, as well as important patient support services.

"This cancer treatment center provides essential services to the greater Columbia community and is strategically located between two major medical corridors and surrounded by a number of hospitals," said Chip Conk, CEO of Montecito Medical Real Estate. "We appreciate the expertise provided by First Citizens in arranging financing for this valuable addition to our medical real estate portfolio."

"We're pleased to strengthen our relationship with Montecito Medical Real Estate through this financing process," said William Douglass, managing director and group head for Healthcare Finance. "Montecito has a strong reputation in healthcare-related real estate acquisitions and development, and we're proud to support their growing portfolio." 

"We were delighted to again work with Montecito to understand their needs and support their ongoing operations by providing the capital as well as industry insights to help fuel their growth," said Steve Reedy, a managing director in Healthcare Finance.

Healthcare Finance, part of First Citizens' CIT 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 First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens is the largest family-controlled bank in the United States, providing a unique legacy of strength, stability and long-term thinking that has spanned generations. We offer an array of general banking services including a network of 500-plus branches in 22 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. Discover more at firstcitizens.com.

About Montecito Medical
Montecito Medical is one of the nation's largest privately held companies specializing in healthcare-related real estate acquisitions and partnering with providers and developers to fund development of medical and veterinary real estate. The company also supports providers with a suite of AI-powered technology solutions that increase revenues, reduce costs and build physician wealth. Since 2006, Montecito has completed transactions involving more than $5 billion in medical real estate. Headquartered in Nashville, TN, the company has been named for five consecutive years as a "key influencer in healthcare real estate" by GlobeSt.com and the editors of Real Estate Forum. For more information, please visit www.montecitomac.com.

MEDIA RELATIONS:
Lexa Tutela
212-461-5305
Lexa.tutela@firstcitizens.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/first-citizens-bank-provides-31-2-million-for-acquisition-of-cancer-treatment-center-in-columbia-south-carolina-301741263.html

SOURCE CIT, a division of First Citizens Bank

FAQ

What is the purpose of First Citizens Bank's $31.2 million financing?

The financing is intended for the acquisition of a cancer treatment center by Montecito Medical Real Estate in Columbia, South Carolina.

How will the acquisition of the cancer treatment center impact the Columbia community?

The center will enhance access to comprehensive cancer services and support for patients in the greater Columbia area.

What is the significance of the location of the new cancer treatment center?

The center is strategically located between two major medical corridors, providing better healthcare access to the community.

Who will operate the cancer treatment center in Columbia?

The center will be leased to South Carolina Oncology Associates, the largest private oncology practice in South Carolina.

How does First Citizens Bank support healthcare companies?

First Citizens Bank's Healthcare Finance group provides tailored financing and banking solutions to middle market healthcare companies across the U.S.