First Citizens Bank Provides $58.4 Million for Construction of Medical Inpatient Rehabilitation Facility in Miami, Florida

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Apr 23, 2024, 09:00 ET

JACKSONVILLE, Fla., April 23, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business provided $58.4 million in financing to Anchor Health Properties for the construction of a 92-bed inpatient rehabilitation facility in Miami, Florida.

The 96,000-rentable-square-foot facility with an attached parking garage will be leased to a joint venture between Baptist Health South Florida and Lifepoint Health. The facility will focus on acute rehabilitation of conditions resulting from stroke, brain and spinal cord, amputation, neurological and orthopedic disorders.

Baptist Health South Florida, the largest healthcare organization in South Florida, provides hospital, outpatient and specialty care across 10 hospitals, including the adjacent Baptist Health South Miami Hospital, and over 200 outpatient and physician locations. Lifepoint Health is a diversified, community-based healthcare network owned by Apollo Global Management with more than 300 locations across the country.

"We're pleased to provide this financing to Anchor Health Properties to support the critical rehabilitation services that Baptist Health South Florida and Lifepoint Health will provide to patients in the rapidly growing Miami area," said William Douglass, group head for First Citizens Healthcare Finance.

Steve Reedy, a managing director and head of medical office banking at First Citizens, added, "Anchor Health Properties has a strong reputation as a leading healthcare real estate company, and we're pleased to further develop our relationship with them by providing financing for this innovative new facility."

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 tailors 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.

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SOURCE First Citizens Bank