NEW
YORK, Nov. 29, 2023 /PRNewswire/ -- First
Citizens Bank today announced that its Healthcare
Finance business completed two transactions totaling
$99.3 million with joint ventures
managed by Kayne Anderson Real Estate and Remedy Medical
Properties.
One joint venture received $75
million in loan proceeds for the acquisition of a surgical
hospital, Baylor Scott & White
Medical Center, located in Frisco,
Texas. The property is fully leased to Frisco Medical Center
and includes 68 inpatient beds and 11 operating rooms.
Another joint venture received $24.3
million in loan proceeds for the refinancing of two medical
office buildings in Mississippi.
The properties are located in Flowood and Vicksburg, Mississippi. Both properties are
100% occupied by GI Associates & Endoscopy Center.
"These medical office buildings are modern facilities in
attractive locations, easily accessed by healthcare patients and
providers," said Antonio Minchella,
senior managing director – Medical Office at Kayne Anderson. "We
appreciate First Citizens' agility and expertise in arranging
medical office financing."
"Kayne Anderson Real Estate and Remedy Medical Properties are
well-known as leading investors in medical office buildings and
other specialty real estate," said William
Douglass, managing director and group head for First
Citizens Bank's Healthcare Finance business. "We are excited to
support Kayne Anderson and Remedy's joint ventures as they continue
to grow their business."
"We are pleased to work with Kayne Anderson Real Estate and
Remedy Medical Properties to arrange the financing for these Class
A medical properties that provide essential services within their
communities," said Steven Reedy, the
managing director and head of medical office banking for First
Citizens.
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., and now celebrating the 125th
anniversary of its founding, 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.
About Kayne Anderson Real Estate
Kayne Anderson Real
Estate is a leading real estate investment firm, managing
approximately $15 billion in assets
under management across opportunistic equity, core equity, and real
estate debt, with sector expertise in medical office, seniors
housing, off-campus student housing, multifamily housing, and
self-storage. Kayne Anderson Real Estate is part of Kayne Anderson
a $33 billion alternative investment
management firm with more than 39 years of successful experience in
the real estate, renewable and energy infrastructure, energy,
credit, and growth capital sectors. For more information, visit
https://www.kayneanderson.com/real-estate/.
MEDIA RELATIONS:
Ella
Bristow
(212) 461-5322
Ella.Bristow@firstcitizens.com
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SOURCE First Citizens Bank