
First Citizens Bank Arranges $99.3M JV for Medical Office Properties
First Citizens Bank’s healthcare finance unit arranged two transactions totaling $99.3 million with joint ventures managed by Kayne Anderson Real Estate and Remedy Medical Properties.
One joint venture obtained $75 million in loan financing for the purchase of a surgical hospital, Baylor Scott & White Medical Center in Frisco, TX. Frisco Medical Center has a full lease on the property.
Another joint venture received $24.3 million in loan proceeds for the refinancing of two Mississippi medical office buildings. GI Associates & Endoscopy Center is the sole tenant of both locations.
“Kayne Anderson Real Estate and Remedy Medical Properties are well-known as leading investors in medical office buildings and other specialty real estate,” said William Douglass, managing director and group head for First Citizens Bank’s healthcare finance business.
First Citizens Healthcare Finance provides financing and banking solutions to middle market healthcare companies across the U.S.
