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First Citizens Bank Provides $50.3MM to Refinance the Medical Pavilion at White Oak

August 01, 2023, 07:14 AM
Filed Under: Real Estate

First Citizens Bank's Healthcare Finance business, part of the CIT division, provided a $50.3 million loan to a joint venture led by Rethink Healthcare Real Estate to refinance the Medical Pavilion at White Oak, an on campus medical office building located adjacent to the Adventist White Oak Medical Center in Silver Spring, Maryland.
Opened in 2019, the Medical Center is located approximately seven miles northeast from Washington D.C. in an emerging healthcare and life science hub off Interstate 95. The Pavilion, which is directly connected to the hospital and to covered parking, houses a comprehensive cancer center, primary care services, and cardiology and other specialists.
"Once again, we are pleased with the execution by First Citizens Bank's Healthcare Finance team in providing financing that supports our focus on maintaining high-quality medical office buildings and specialized care facilities," said John Winer, President & Chief Investment Officer, Rethink Healthcare Real Estate.

"We are delighted to again work closely with Rethink, who has a proven track record of developing and managing high quality medical office buildings and outpatient medical facilities in attractive markets," said William Douglass, who leads the bank's Healthcare Finance business.

"We are pleased to continue to grow our banking relationship with Rethink Healthcare Real Estate through the financing of this state-of-the-art, Class A medical office building," said Steven Reedy, a managing director for First Citizens Bank Healthcare Finance business.

Healthcare Finance, part of the First Citizens Bank's Commercial Finance 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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