First Citizens Bank Provides $44.2 Million for Medical Office Building Portfolio

Rhea-AI Summary

First Citizens Bank's Healthcare Finance group has announced financing of $44.2 million for a portfolio of medical office buildings in Wisconsin and Illinois. The portfolio includes three properties: ProHealth Medical Group urgent care in Brookfield, Silver Cross Health Center in Mokena, and Moreland Medical Center in Waukesha, totaling over 266,000 square feet of medical space. Kayne Anderson Real Estate and Remedy Medical Properties are the affiliates receiving this financing. Their partnership with First Citizens demonstrates the bank's commitment to tailored financing solutions for healthcare professionals.

Positive

• Secured $44.2 million financing, which enhances liquidity for ongoing projects.
• Portfolio includes three well-situated medical office buildings with more than 266,000 square feet of rentable space.
• Partnership with reputable affiliates Kayne Anderson Real Estate and Remedy Medical Properties strengthens market position.

Negative

• None.

NEW YORK, March 30, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance group, part of the CIT division, has provided $44.2 million to affiliates of Kayne Anderson Real Estate and Remedy Medical Properties to finance a portfolio of medical office building properties.

The portfolio consists of three medical office building properties located in Wisconsin and Illinois with combined rentable space of more than 266,000 square feet. The properties include the ProHealth Medical Group urgent care center in Brookfield, Wisc.; the Silver Cross Health Center urgent care facility in Mokena, Illinois; and the Moreland Medical Center in Waukesha, Wisc.

"The industry knowledge and efficiency of the bank's Healthcare Finance team continue to be an asset to our business as we continue to develop our holdings of high-quality medical office properties," said Antonio Minchella, senior managing director – Medical Office at Kayne Anderson. "In recent years, we have worked successfully with this finance team on multiple opportunities and look forward to doing so again in the future."

"Kayne Anderson Real Estate and Remedy Medical Properties have a growing reputation across the industry for identifying and acquiring superb medical office properties," said William Douglass, managing director and group head for CIT Healthcare Finance. "We were pleased to support their ongoing efforts to advance their business objectives."

"Our deep industry relationships, experience and market expertise enable us to support clients like Kayne Anderson Real Estate and Remedy Medical Properties with unique financing tailored to meet their needs," said Steven 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 Kayne Anderson
Kayne Anderson Real Estate ("KA Real Estate") is a leading real estate private equity investor in medical office, seniors housing, off-campus student housing, multifamily housing and self-storage. KA Real Estate manages $14 billion of real estate AUM across opportunistic equity, core equity and real estate debt. KA Real Estate is part of Kayne Anderson Capital Advisors, L.P., a $32 billion alternative investment management firm with more than 39 years of successful experience in the real estate, infrastructure, credit, and growth capital sectors (as of 12/31/22).

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. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.

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 recent financing announcement by First Citizens Bank?

First Citizens Bank's Healthcare Finance group announced a financing of $44.2 million for a portfolio of medical office buildings.

Where are the medical office buildings financed by First Citizens Bank located?

The financed medical office buildings are located in Wisconsin and Illinois.

Who are the affiliates involved in the financing deal with First Citizens Bank?

The affiliates involved are Kayne Anderson Real Estate and Remedy Medical Properties.

How much rentable space does the financed portfolio have?

The portfolio has a combined rentable space of more than 266,000 square feet.

What properties are included in the financing portfolio?

The properties include ProHealth Medical Group urgent care in Brookfield, Silver Cross Health Center in Mokena, and Moreland Medical Center in Waukesha.