First Citizens Bank Provides $36.2 Million in Financing for Acquisition of Medical Office Buildings in North Carolina and Washington

JACKSONVILLE, Fla., Jan. 25, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business provided $36.2 million in acquisition financing to Anchor Health Properties to recapitalize three medical office buildings located in Charlotte, North Carolina and Seattle, Washington. Anchor Health Properties acquired these assets directly for its own balance sheet.

"We appreciate the efforts of First Citizens Bank Healthcare Finance division and their collective expertise in arranging this financing for a timely and significant recapitalization of assets previously owned in joint venture format," said James Schmid, chief investment officer and managing partner of Anchor Health Properties. "First Citizens Bank has once again proven to be a valued banking relationship supporting the continued growth of our medical office building portfolio."

"Anchor Health Properties is a valued client and we're delighted to support their growth initiatives with this financing so they can continue to build their high quality portfolio of medical office buildings," said William Douglass, group head for Healthcare Finance.

"This transaction is an example of the deep relationships we foster with our clients that enable us to support them through various business endeavors," said Steve Reedy, a managing director and head of medical office banking in Healthcare Finance.

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. Discover more at firstcitizens.com.

MEDIA RELATIONS:
Ella Bristow
212-461-5322
Ella.Bristow@firstcitizens.com

SOURCE First Citizens Bank