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First Citizens Bank Provides $58.4MM for Construction of Medical Inpatient Rehabilitation Facility

April 24, 2024, 07:26 AM
Filed Under: Real Estate

First Citizens Bank's Healthcare Finance business provided $58.4 million in financing to Anchor Health Properties for the construction of a 92-bed inpatient rehabilitation facility in Miami, Florida.
The 96,000-rentable-square-foot facility with an attached parking garage will be leased to a joint venture between Baptist Health South Florida and Lifepoint Health. The facility will focus on acute rehabilitation of conditions resulting from stroke, brain and spinal cord, amputation, neurological and orthopedic disorders.

Baptist Health South Florida, the largest healthcare organization in South Florida, provides hospital, outpatient and specialty care across 10 hospitals, including the adjacent Baptist Health South Miami Hospital, and over 200 outpatient and physician locations. Lifepoint Health is a diversified, community-based healthcare network owned by Apollo Global Management with more than 300 locations across the country.

"We're pleased to provide this financing to Anchor Health Properties to support the critical rehabilitation services that Baptist Health South Florida and Lifepoint Health will provide to patients in the rapidly growing Miami area," said William Douglass, group head for First Citizens Healthcare Finance.

Steve Reedy, a managing director and head of medical office banking at First Citizens, added, "Anchor Health Properties has a strong reputation as a leading healthcare real estate company, and we're pleased to further develop our relationship with them by providing financing for this innovative new facility."

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