First Citizens Bank Arranges $115 Million in Financing for Illinois Skilled Nursing Facilities

NEW YORK, Sept. 5, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business served as lead arranger of $115 million in financing for the acquisition of eight skilled nursing facilities in Illinois.

The borrower is a Midwest-based healthcare real estate investment and management company that invests in a variety of post-acute facilities, with investments in over 24 states.

The eight facilities covered by this transaction represent more than 1,500 licensed beds, which typically offer care to individuals who need rehabilitation from injury or wound care or who suffer from serious or persistent health issues requiring 24-hour medical attention.

"We are pleased to expand our financing for skilled nursing facilities, which are a critical component of the post-acute spectrum of care," said William Douglas, head of First Citizens Healthcare Finance.

"We appreciated the opportunity to leverage our deep sector knowledge to support our client with the financing they sought to advance their business," Michael Coiley, a managing director on the Healthcare Finance team.

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 and a member of the Fortune 500™. Discover more at firstcitizens.com.

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SOURCE First Citizens Bank