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CIT Provides $27.8MM for Acquisition of Medical Office Buildings in Wichita, Kansas

December 15, 2022, 07:16 AM
Filed Under: Real Estate

CIT, a division of First Citizens Bank, announced that its Healthcare Finance business provided $27.8 million to a joint venture between Kayne Anderson Real Estate and Remedy Medical Properties for the acquisition of a surgical hospital and medical office building portfolio located in Wichita, Kansas.
The portfolio includes Kansas Spine & Specialty Hospital and Abay Medical Plaza. Kansas Spine & Specialty Hospital is a regional center for diagnosing and treating disorders of the spine, neck and joints, and is recognized as one of America's 100 best hospitals for spine surgery by Becker's Hospital Review. Abay Medical Plaza is leased to four tenants with the largest tenant being Abay Neuroscience Center – one of the largest neurosurgery practices in Kansas – and the second largest tenant being the Pain Center at Kansas Spine & Specialty Hospital.

"Located in Wichita's medical corridor, the surgery center and medical office building within this portfolio are providing essential services to community members who benefit from having a surgical hospital and pain center in the same complex," said Antonio Minchella, senior managing director – Medical Office at Kayne Anderson. "We appreciate working with the knowledgeable and efficient team at CIT Healthcare Finance to arrange financing for our acquisition of this valuable portfolio."

"Kayne Anderson Real Estate and Remedy Medical Properties are experienced real estate investors and well-known for their high-quality portfolios of medical office buildings," said William Douglass, managing director and group head for CIT Healthcare Finance. "We are proud to help contribute value to their business plans alongside financing."

"With our deep industry relationships, experience and market expertise, we are pleased to advance the goals of Kayne Anderson Real Estate and Remedy Medical Properties by creating unique financing tailored to meet their needs," said Steven Reedy, a managing director in CIT Healthcare Finance.

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