April 17, 2024
First Residents Financial institution Offers .3 Million Financing for Recapitalization of Medical Workplace Constructing Portfolio

NEW YORK, Feb. 21, 2023 /PRNewswire/ — First Residents Financial institution in the present day introduced that its Healthcare Finance group, a part of the CIT division, offered $50.3 million in financing to Montecito Medical Actual Property to recapitalize a portfolio of medical workplace buildings.

The portfolio consists of an combination of 200,000 rentable sq. toes throughout seven off-campus medical workplace buildings situated in Florida, Illinois and Pennsylvania. The properties serve a variety of medical practices together with gastroenterology, ophthalmology, obstetrics and gynecology, orthopedic, oncology, laboratory work and extra.

“We appreciated the chance to once more work with the educated and environment friendly Healthcare Finance crew at First Residents Financial institution,” stated Chip Conk, CEO of Montecito Medical Actual Property. “We’re happy so as to add these seven properties, that are unfold throughout quite a lot of rising areas, to our general portfolio.”

“Montecito Medical Actual Property is a valued consumer and we’re happy to accomplice with them to offer financing for this distinctive portfolio of medical workplace buildings,” stated William Douglass, managing director and group head for Healthcare Finance.

“This transaction exemplifies our concentrate on constructing robust relationships with our shoppers to assist them by their varied enterprise endeavors,” stated Steve Reedy, a managing director in Healthcare Finance.

Healthcare Finance, a part of First Residents’ CIT division, supplies complete financing and banking options to center market healthcare corporations throughout the U.S. By utilizing a client-focused and industry-centric mannequin, Healthcare Finance can tailor its services to assist shoppers meet their wants for capital.

About First Residents Financial institution
First Residents Financial institution helps private, enterprise, business and wealth shoppers construct monetary energy that lasts. Based in 1898 and headquartered in Raleigh, N.C., First Residents is the biggest family-controlled financial institution in the USA, offering a novel legacy of energy, stability and long-term considering that has spanned generations. We provide an array of basic banking companies together with a community of 500-plus branches in 22 states; business banking experience delivering best-in-class lending, leasing and different monetary companies coast to coast; and a nationwide direct financial institution. Mum or dad firm First Residents BancShares, Inc. (NASDAQ: FCNCA) is a prime 20 U.S. monetary establishment with greater than $100 billion in property. Uncover extra at firstcitizens.com.

About Montecito Medical
Montecito Medical is likely one of the nation’s largest privately held corporations specializing in healthcare-related actual property acquisitions and partnering with suppliers and builders to fund growth of medical and veterinary actual property. The corporate additionally helps suppliers with a set of AI-powered expertise options that improve revenues, scale back prices and construct doctor wealth. Since 2006, Montecito has accomplished transactions involving greater than $5 billion in medical actual property. Headquartered in Nashville, TN, the corporate has been named for 5 consecutive years as a “key influencer in healthcare actual property” by GlobeSt.com and the editors of Actual Property Discussion board. For extra info, please go to www.montecitomac.com.

MEDIA RELATIONS:
Lexa Tutela Losey
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SOURCE CIT, a division of First Residents Financial institution

First Residents Financial institution Offers .3 Million Financing for Recapitalization of Medical Workplace Constructing Portfolio