First Citizens Bank Arranges $99.3 Million for Kayne Anderson Real Estate and Remedy Medical Properties Joint Ventures

NEW YORK, Nov. 29, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business completed two transactions totaling $99.3 million with joint ventures managed by Kayne Anderson Real Estate and Remedy Medical Properties.

One joint venture received $75 million in loan proceeds for the acquisition of a surgical hospital, Baylor Scott & White Medical Center, located in Frisco, Texas. The property is fully leased to Frisco Medical Center and includes 68 inpatient beds and 11 operating rooms.

Another joint venture received $24.3 million in loan proceeds for the refinancing of two medical office buildings in Mississippi. The properties are located in Flowood and Vicksburg, Mississippi. Both properties are 100% occupied by GI Associates & Endoscopy Center.

"These medical office buildings are modern facilities in attractive locations, easily accessed by healthcare patients and providers," said Antonio Minchella, senior managing director – Medical Office at Kayne Anderson. "We appreciate First Citizens' agility and expertise in arranging medical office financing."

"Kayne Anderson Real Estate and Remedy Medical Properties are well-known as leading investors in medical office buildings and other specialty real estate," said William Douglass, managing director and group head for First Citizens Bank's Healthcare Finance business. "We are excited to support Kayne Anderson and Remedy's joint ventures as they continue to grow their business."

"We are pleased to work with Kayne Anderson Real Estate and Remedy Medical Properties to arrange the financing for these Class A medical properties that provide essential services within their communities," said Steven Reedy, the managing director and head of medical office banking for First Citizens.

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., 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 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.

About Kayne Anderson Real Estate
Kayne Anderson Real Estate is a leading real estate investment firm, managing approximately $15 billion in assets under management across opportunistic equity, core equity, and real estate debt, with sector expertise in medical office, seniors housing, off-campus student housing, multifamily housing, and self-storage. Kayne Anderson Real Estate is part of Kayne Anderson a $33 billion alternative investment management firm with more than 39 years of successful experience in the real estate, renewable and energy infrastructure, energy, credit, and growth capital sectors. For more information, visit https://www.kayneanderson.com/real-estate/.

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SOURCE First Citizens Bank