First Citizens Bank Provides $50.3 Million Financing for Recapitalization of Medical Office Building Portfolio

Rhea-AI Summary

First Citizens Bank announced financing of $50.3 million to Montecito Medical Real Estate for the recapitalization of a portfolio of medical office buildings. The portfolio spans 200,000 rentable square feet across seven locations in Florida, Illinois, and Pennsylvania. This financing strengthens First Citizens' Healthcare Finance division, which provides tailored banking solutions to middle-market healthcare companies. The partnership with Montecito Medical, recognized for its significant contributions to healthcare real estate, underscores First Citizens' commitment to building lasting relationships with its clients in the healthcare sector.

Positive

• Secured financing of $50.3 million for Montecito Medical Real Estate, enhancing First Citizens' healthcare portfolio.
• Portfolio includes seven medical office buildings across multiple states, expanding First Citizens' market presence.

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• None.

NEW YORK, Feb. 21, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance group, part of the CIT division, provided $50.3 million in financing to Montecito Medical Real Estate to recapitalize a portfolio of medical office buildings.

The portfolio consists of an aggregate of 200,000 rentable square feet across seven off-campus medical office buildings located in Florida, Illinois and Pennsylvania. The properties serve a wide range of medical practices including gastroenterology, ophthalmology, obstetrics and gynecology, orthopedic, oncology, laboratory work and more.

"We appreciated the opportunity to again work with the knowledgeable and efficient Healthcare Finance team at First Citizens Bank," said Chip Conk, CEO of Montecito Medical Real Estate. "We're pleased to add these seven properties, which are spread across a number of growing locations, to our overall portfolio."

"Montecito Medical Real Estate is a valued client and we're pleased to partner with them to provide financing for this unique portfolio of medical office buildings," said William Douglass, managing director and group head for Healthcare Finance.

"This transaction exemplifies our focus on building strong relationships with our clients to support them through their various business endeavors," 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 Losey
212-461-5305
Lexa.tutela@firstcitizens.com

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What is the significance of First Citizens Bank's $50.3 million financing?

The financing will help recapitalize a portfolio of medical office buildings, enhancing First Citizens' position in healthcare real estate.

How many properties are involved in the First Citizens Bank financing?

The financing covers a total of seven properties across Florida, Illinois, and Pennsylvania.

What does the portfolio financed by First Citizens Bank consist of?

The portfolio consists of approximately 200,000 rentable square feet, serving a range of medical practices.

Who is the client receiving financing from First Citizens Bank?

The client is Montecito Medical Real Estate, a significant player in healthcare-related real estate.

When was the financing announcement made by First Citizens Bank?

The announcement was made on February 21, 2023.

What is the stock symbol for First Citizens Bank?

The stock symbol is FCNCA.