First Citizens Bank Provides $52.4 Million to Finance Portfolio of Medical Office Building Properties

News provided by

CIT, a division of First Citizens Bank

Jan 31, 2023, 09:00 ET

NEW YORK, Jan. 31, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance group, part of the CIT division, has provided $52.4 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 an aggregate of more than 300,000 square feet of space in 13 properties spread across various states, including Virginia, Texas, Tennessee, Indiana, Wisconsin, Connecticut and California.

"We appreciated the Healthcare Finance team's industry knowledge and efficiency in helping finance this portfolio of medical facilities as we continue to develop our business," said Antonio Minchella, senior managing director – Medical Office at Kayne Anderson. "We have worked successfully with this finance team on multiple opportunities in the past and look forward to doing so again in the future."

"We are pleased to again support Kayne Anderson Real Estate and Remedy Medical Properties in advancing their business objectives," said William Douglass, managing director and group head for CIT Healthcare Finance. "As regular real estate investors, they are known throughout the industry for their high-quality portfolios of medical office buildings."

"With our deep industry relationships, experience and market expertise, we are pleased to support Kayne Anderson Real Estate and Remedy Medical Properties by creating 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 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.

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SOURCE CIT, a division of First Citizens Bank