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First Citizens Bank Provides $31.2MM for Acquisition of Cancer Treatment Center in South Carolina

February 09, 2023, 07:36 AM
Filed Under: Real Estate

First Citizens Bank announced that its Healthcare Finance group, part of the CIT division, provided $31.2 million to Montecito Medical Real Estate to finance the acquisition of a cancer treatment center in Columbia, South Carolina.
The treatment center is leased to South Carolina Oncology Associates (SCOA), the Columbia region's leader in oncology services and the largest private oncology practice in the state. SCOA provides a range of cancer services in one location, including medical, radiation and gynecology oncology services, as well as important patient support services.

"This cancer treatment center provides essential services to the greater Columbia community and is strategically located between two major medical corridors and surrounded by a number of hospitals," said Chip Conk, CEO of Montecito Medical Real Estate. "We appreciate the expertise provided by First Citizens in arranging financing for this valuable addition to our medical real estate portfolio."

"We're pleased to strengthen our relationship with Montecito Medical Real Estate through this financing process," said William Douglass, managing director and group head for Healthcare Finance. "Montecito has a strong reputation in healthcare-related real estate acquisitions and development, and we're proud to support their growing portfolio."

"We were delighted to again work with Montecito to understand their needs and support their ongoing operations by providing the capital as well as industry insights to help fuel their growth," said Steve 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.

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