New York, N.Y. — October 30, 2024 — First Citizens Bank today announced that its Healthcare Finance business provided $71.8 million to Montecito Medical Real Estate to refinance a portfolio of medical office buildings located across six states.

The refinancing involves seven medical office buildings in Arkansas, Ohio, Nevada, Tennessee, Mississippi, and Virginia. The properties are strategically located on or adjacent to medical campuses and employ a variety of acute specialties within each facility.

“At a time where the healthcare real estate market is evolving rapidly, we appreciate First Citizens Bank’s Healthcare Finance’s support in securing this new financing, as we optimize the positioning of our portfolio and adjust to these market trends,” said Chip Conk, chief executive officer, Montecito Medical Real Estate.

“Montecito Medical Real Estate is a valued partner and we are proud to support them in the refinancing of this medical office building portfolio,” said William Douglass, group head and managing director for First Citizens Bank Healthcare Finance.

“In today’s healthcare real estate market, flexibility and strategic asset management are more important than ever, and this deal reflects our commitment to helping clients like Montecito stay ahead of industry trends,” said Steve Reedy, a managing director and head of medical office banking in Healthcare Finance. “We look forward to supporting them in future endeavors as they continue to expand their impact on the healthcare space.”

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:
Ella Bristow
(212) 461-5322
Ella.bristow@firstcitizens.com