CIT Provides $80.7 Million to IRA Capital for Surgical Center Acquisitions

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CIT, a division of First Citizens Bank

Feb 16, 2022, 09:00 ET

NEW YORK, Feb. 16, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business served as sole lead arranger on two financings totaling $80.7 million for the acquisition of surgical centers in Naples, Florida, and Alexandria, Louisiana.

In Naples, Florida, CIT provided $49.2 million toward the acquisition of a three-story surgical hospital and specialty care facility acquired by subsidiaries of IRA Capital. The Naples property is 86,287 RSF and leased to Naples Community Hospital and Physicians Regional Medical Center.

In Alexandria, Louisiana, subsidiaries of IRA Capital obtained a $31.5 million loan that funded a portion of the 83,631 RSF CHRISTUS Central Louisiana Surgical Hospital acquisition.

"We are excited to add these two best-in-class surgical facilities backed by top-tier health systems to our growing healthcare real estate portfolio," said Amer Kasm, Principal and Co-Founder of IRA Capital. "CIT is a highly valued financing partner and known for its expertise in specialized clinical healthcare real estate finance. We appreciate their agility and efficient execution in arranging these loans."

"IRA Capital has a strong reputation for successfully managing a portfolio of medical facilities in a variety of regions," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "We have worked well with IRA Capital in the past and we are pleased to support them once again on these transactions."

CIT's Healthcare Finance unit, part of the Commercial Finance 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 CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

About IRA Capital
IRA Capital is a Southern-California based private equity firm founded in 2010 that invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, and family offices. IRA invests in commercial real estate assets throughout the United States and has a private equity/venture capital platform that invests in operating companies across various sectors. Headquartered in Irvine California, IRA has acquired over seven and a half million square feet of property across 30 states, valued in excess of $3.0 Billion. For more information, visit: www.iraCapital.com

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SOURCE CIT, a division of First Citizens Bank