NEW
YORK, June 13, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its Healthcare
Finance business provided a term loan to refinance GenCare
Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility
in Tacoma, Washington.
The borrower is a joint venture led by Harrison Street, one of
the leading investment management firms exclusively focused on
alternative real assets with approximately $55 billion in assets under management and
consistently ranking among the top five largest owners in the
senior housing sector across the United
States. The same joint venture with PMB LLC served as the
facility's original developer, with GenCare Lifestyle, another
joint venture partner, as the facility operator.
"The Point Ruston property managed by Gencare is a Class-A
senior living facility in a very desirable location," said
Lindsey Rongstad, Director at
Harrison Street. "We greatly appreciated the expertise and
flexibility shown by First Citizens Healthcare team in arranging
this refinancing. It was another uneventful, smooth closing by this
team."
"Demand for high-quality senior living facilities remains strong
in the Pacific Northwest and nationwide," said William Douglass, head of First Citizens
Healthcare Finance. "We were pleased to work closely with our
clients on this transaction."
"This is a beautiful facility in a fantastic location and
Gencare has a first-class team operating this building," said
Michael Coiley, a managing director
on the Healthcare Finance team. "It's great to work with the
Harrison Street & PMB teams and deliver on our promises and
ensure smooth completion of this refinancing."
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.
Discover more at firstcitizens.com.
About Harrison Street
Harrison Street is one of the
leading investment management firms exclusively focused on
alternative real assets. Since inception in 2005, the firm has
created a series of differentiated investment solutions focused on
demographic-driven, needs-based assets. The firm has invested
across senior housing, student housing, build-to-rent, healthcare
delivery, life sciences and storage real estate as well as social,
utility and digital infrastructure. Headquartered in Chicago and London, with offices throughout North America, Europe and Asia, the firm has more than 280-employees and
approximately US $55 billion in
assets under management on behalf of institutional investors across
the globe. Harrison Street was awarded Best Places to Work
by Pensions & Investments for nine years (2014-2020, 2022,
2023) and since 2019 has won 15 awards from PERE, including three
for the 2023 Awards: Alternatives Investor of the Year – Global,
Data Centers Investor of the Year – North
America, and ESG Firm of the Year - North America. For more information, please
visit www.harrisonst.com. (Assets under management ("AUM") reflects
AUM for the Firm's investment advisory and asset management
clients, and is inclusive of the Firm's regulatory AUM reported in
its Form ADV.)
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank