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First Citizens Bank Provides $50 Million to Refinance Los Angeles Medical Office Building

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First Citizens Bank provided $50 million in financing for the refinancing of Ventana Medical Center, a Class A medical office facility in Tarzana, California. The facility is co-anchored by Cedars Sinai Medical Center and Providence Health System-Southern California. Tristar Realty Group, the affiliate receiving the financing, praised First Citizens' expertise and efficient execution in closing the deal.
First Citizens Bank ha fornito un finanziamento di 50 milioni di dollari per il rifinanziamento del Ventana Medical Center, un edificio di uffici medici di classe A situato a Tarzana, California. La struttura è co-gestita dal Cedars Sinai Medical Center e dal Providence Health System-Southern California. Il Gruppo Tristar Realty, l'affiliato che ha ricevuto il finanziamento, ha elogiato l'esperienza e l'efficienza di First Citizens nella conclusione dell'affare.
First Citizens Bank proporcionó 50 millones de dólares en financiamiento para la refinanciación del Ventana Medical Center, una instalación de oficinas médicas Clase A en Tarzana, California. El centro está co-ancorado por el Cedars Sinai Medical Center y el Providence Health System-Southern California. Tristar Realty Group, el afiliado que recibió la financiación, elogió la pericia y la ejecución eficiente de First Citizens al cerrar el trato.
퍼스트 시티즌스 은행은 캘리포니아 타잔나에 위치한 A급 의료 사무실 시설인 벤타나 메디컬 센터의 재융자를 위해 5천만 달러를 제공하였습니다. 이 시설은 세다스 시나이 메디컬 센터와 프로비던스 헬스 시스템-남부 캘리포니아가 공동으로 주축을 이루고 있습니다. 자금을 받은 트라이스타 리얼티 그룹은 거래를 마무리하는 과정에서 퍼스트 시티즌스의 전문성과 효율적인 실행을 칭찬했습니다.
La First Citizens Bank a fourni un financement de 50 millions de dollars pour le refinancement du Ventana Medical Center, un établissement de bureaux médicaux de classe A situé à Tarzana, en Californie. Le centre est co-ancré par le Cedars Sinai Medical Center et le Providence Health System-Southern California. Le Tristar Realty Group, l'affilié qui a reçu le financement, a fait l'éloge de l'expertise et de l'exécution efficace de First Citizens dans la conclusion de l'affaire.
Die First Citizens Bank stellte eine Finanzierung in Höhe von 50 Millionen Dollar für die Refinanzierung des Ventana Medical Center, einer Büroimmobilie der Klasse A für medizinische Zwecke in Tarzana, Kalifornien, zur Verfügung. Die Einrichtung wird gemeinsam von dem Cedars Sinai Medical Center und dem Providence Health System-Southern California betrieben. Die Tristar Realty Group, die Tochtergesellschaft, die die Finanzierung erhielt, lobte die Fachkompetenz und die effiziente Abwicklung von First Citizens beim Abschluss des Geschäfts.
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JACKSONVILLE, Fla., April 18, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business served as sole lender on $50 million in financing for an affiliate of Tristar Realty Group for the refinancing of Ventana Medical Center.

The Ventana is a 122,000-square-foot Class A medical office facility in Tarzana, California, a suburban section of the San Fernando Valley region of Los Angeles. It is co-anchored by Cedars Sinai Medical Center and Providence Health System-Southern California.

"With its modern facilities, strategic location and premier tenants, The Ventana is an outstanding medical office building," said Daniel Kashani, founder and CEO of Tristar Realty Group. "We appreciated the deep industry knowledge of the First Citizens Medical Office Banking group and their ability to provide solid guidance and efficiently execute and close on this financing."

"Tristar Realty is well-known for their expertise in developing and managing top-quality medical properties. We are pleased to have the opportunity to work with them on this transaction," said William Douglass, managing director and group head for First Citizens Healthcare Finance.

"Ventana Medical Center is a premier, first-class facility that provides important clinical care to the San Fernando Valley and is anchored by two investment credit rated health systems. We appreciate the opportunity to expand our banking relationship with Tristar Realty through this financing," said Steve Reedy, a managing director and head of medical office banking in Healthcare Finance. "We look forward to having the opportunity to work with the Tristar team on additional future projects."

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

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SOURCE First Citizens Bank

FAQ

What amount did First Citizens Bank provide for the refinancing of Ventana Medical Center?

First Citizens Bank provided $50 million in financing for the refinancing of Ventana Medical Center.

Where is Ventana Medical Center located?

Ventana Medical Center is located in Tarzana, California, a suburban section of the San Fernando Valley region of Los Angeles.

Who are the co-anchors of Ventana Medical Center?

Ventana Medical Center is co-anchored by Cedars Sinai Medical Center and Providence Health System-Southern California.

What type of facility is Ventana Medical Center?

Ventana Medical Center is a 122,000-square-foot Class A medical office facility.

Who is the founder and CEO of Tristar Realty Group?

Daniel Kashani is the founder and CEO of Tristar Realty Group.

What type of financing did First Citizens Bank provide for Ventana Medical Center?

First Citizens Bank provided $50 million in financing for the refinancing of Ventana Medical Center.

What kind of banking solutions does First Citizens Healthcare Finance provide?

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

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