First Citizens Bank Provides $50.3MM to Refinance Medical Building
AUG 1, 2023 - 6:50 am
First Citizens Bank’s healthcare finance business, part of the CIT division, provided a $50.3 million loan to a joint venture led by Rethink Healthcare Real Estate to refinance the Medical Pavilion at White Oak, an on-campus medical office building located adjacent to the Adventist White Oak Medical Center in Silver Spring, MD.
Opened in 2019, the medical center is located approximately seven miles northeast of Washington, D.C., in an emerging healthcare and life science hub off Interstate 95. The pavilion, which is directly connected to the hospital and to covered parking, houses a comprehensive cancer center, primary care services, and cardiology and other specialists.
“Once again, we are pleased with the execution by First Citizens Bank’s healthcare finance team in providing financing that supports our focus on maintaining high-quality medical office buildings and specialized care facilities,” John Winer, president and chief investment officer of Rethink Healthcare Real Estate, said.
“We are delighted to again work closely with Rethink, who has a proven track record of developing and managing high quality medical office buildings and outpatient medical facilities in attractive markets,” William Douglass, who leads First Citizens Bank’s healthcare finance business, said.
“We are pleased to continue to grow our banking relationship with Rethink Healthcare Real Estate through the financing of this state-of-the-art Class A medical office building,” Steven Reedy, a managing director for First Citizens Bank’s healthcare finance business, said.
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