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First Citizens Bank Provides $44.2MM for Medical Office Building Portfolio

March 31, 2023, 07:46 AM
Filed Under: Real Estate

First Citizens Bank announced its Healthcare Finance group, part of the CIT division, has provided $44.2 million to affiliates of Kayne Anderson Real Estate and Remedy Medical Properties to finance a portfolio of medical office building properties.
The portfolio consists of three medical office building properties located in Wisconsin and Illinois with combined rentable space of more than 266,000 square feet. The properties include the ProHealth Medical Group urgent care center in Brookfield, Wisc.; the Silver Cross Health Center urgent care facility in Mokena, Illinois; and the Moreland Medical Center in Waukesha, Wisc.

"The industry knowledge and efficiency of the bank's Healthcare Finance team continue to be an asset to our business as we continue to develop our holdings of high-quality medical office properties," said Antonio Minchella, senior managing director – Medical Office at Kayne Anderson. "In recent years, we have worked successfully with this finance team on multiple opportunities and look forward to doing so again in the future."

"Kayne Anderson Real Estate and Remedy Medical Properties have a growing reputation across the industry for identifying and acquiring superb medical office properties," said William Douglass, managing director and group head for CIT Healthcare Finance. "We were pleased to support their ongoing efforts to advance their business objectives."

"Our deep industry relationships, experience and market expertise enable us to support clients like Kayne Anderson Real Estate and Remedy Medical Properties with unique financing tailored to meet their needs," said Steven Reedy, a managing director in Healthcare Finance.

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