NEW
YORK, Sept. 5, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its Healthcare
Finance business served as lead arranger of $115 million in financing for the acquisition of
eight skilled nursing facilities in Illinois.
The borrower is a Midwest-based healthcare real estate
investment and management company that invests in a variety of
post-acute facilities, with investments in over 24 states.
The eight facilities covered by this transaction represent more
than 1,500 licensed beds, which typically offer care to individuals
who need rehabilitation from injury or wound care or who suffer
from serious or persistent health issues requiring 24-hour medical
attention.
"We are pleased to expand our financing for skilled nursing
facilities, which are a critical component of the post-acute
spectrum of care," said William
Douglas, head of First Citizens Healthcare Finance.
"We appreciated the opportunity to leverage our deep sector
knowledge to support our client with the financing they sought to
advance their business," Michael
Coiley, a managing director on the Healthcare Finance
team.
First Citizens Healthcare Finance provides comprehensive
financing and banking solutions to middle market healthcare
companies across the U.S. Using a client-focused and
industry-centric model, Healthcare Finance can tailor its products
and services to help clients meet their needs for growth
capital.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a
unique legacy of strength, stability and long-term thinking that
has spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets and
a member of the Fortune 500™. Discover more at
firstcitizens.com.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank