NEW YORK, Aug. 15, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business, part of the CIT division, provided a loan to refinance American House St Petersburg, a senior living community located in St. Petersburg, Florida.
The financing was provided to a joint venture between American House, Harrison Street, and Prevarian Senior Living, who opened this community in 2021.
This 165-unit senior living community includes 66 independent living units, 66 assisted living units and 33 memory care units. The community also features premium amenities such as private patios, a heated swimming pool, a spa and salon, a fitness and wellness center, a bistro and theater.
"American House St Petersburg is a top ranked senior living community distinguished by its innovative design and offerings that support a vibrant lifestyle for today's seniors," said Dale Watchowski, CEO of American House. "We appreciated First Citizens' execution and agility in arranging to refinance this property in a challenging environment."
"Demand is strong for quality senior housing communities like American House St. Petersburg that serve a range of needs for the senior community in this market," said William Douglass, managing director and group head of First Citizens Bank's Healthcare Finance business.
"We value our relationship and were pleased to deliver a financial package that met their needs. While recently delivered, it's a beautiful facility that is answering a local market demand," said Mike Coiley, a managing director in the Healthcare Finance business.
Healthcare Finance, part of the First Citizens Bank's Commercial Finance division, provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. By using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for 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., and now celebrating the 125th anniversary of its founding, 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 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.
SOURCE First Citizens Bank