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First Citizens Bank Provides $50.3MM Financing for Recapitalization of Medical Office Building Portfolio

February 23, 2023, 07:08 AM
Filed Under: Real Estate

First Citizens Bank announced that its Healthcare Finance group, part of the CIT division, provided $50.3 million in financing to Montecito Medical Real Estate to recapitalize a portfolio of medical office buildings.
The portfolio consists of an aggregate of 200,000 rentable square feet across seven off-campus medical office buildings located in Florida, Illinois and Pennsylvania. The properties serve a wide range of medical practices including gastroenterology, ophthalmology, obstetrics and gynecology, orthopedic, oncology, laboratory work and more.

"We appreciated the opportunity to again work with the knowledgeable and efficient Healthcare Finance team at First Citizens Bank," said Chip Conk, CEO of Montecito Medical Real Estate. "We're pleased to add these seven properties, which are spread across a number of growing locations, to our overall portfolio."

"Montecito Medical Real Estate is a valued client and we're pleased to partner with them to provide financing for this unique portfolio of medical office buildings," said William Douglass, managing director and group head for Healthcare Finance.

"This transaction exemplifies our focus on building strong relationships with our clients to support them through their various business endeavors," 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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