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First Citizens Bank Provides Loan to Refinance Florida Senior Living Community

August 16, 2023, 07:06 AM
Filed Under: Real Estate

First Citizens Bank's Healthcare Finance business, part of the CIT division, provided a loan to refinance American House St Petersburg, a senior living community located in St. Petersburg, Florida.

The financing was provided to a joint venture between American House, Harrison Street, and Prevarian Senior Living, who opened this community in 2021.

This 165-unit senior living community includes 66 independent living units, 66 assisted living units and 33 memory care units. The community also features premium amenities such as private patios, a heated swimming pool, a spa and salon, a fitness and wellness center, a bistro and theater.

“American House St Petersburg is a top ranked senior living community distinguished by its innovative design and offerings that support a vibrant lifestyle for today’s seniors,” said Dale Watchowski, CEO of American House. “We appreciated First Citizens’ execution and agility in arranging to refinance this property in a challenging environment.”

“Demand is strong for quality senior housing communities like American House St. Petersburg that serve a range of needs for the senior community in this market,” said William Douglass, managing director and group head of First Citizens Bank’s Healthcare Finance business.

“We value our relationship and were pleased to deliver a financial package that met their needs.  While recently delivered, it’s a beautiful facility that is answering a local market demand” said Mike Coiley, a managing director in the Healthcare Finance business.

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