First Citizens Bank Provides $29 Million to Onicx Group to Refinance Florida Medical Office Buildings

NEW YORK, Sept. 14, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business, part of the CIT division, provided $29 million to Onicx Group to refinance two medical office buildings located on the campuses of Florida Trinity Hospital and Poinciana Hospital in Florida.

Headquartered in Tampa, Onicx is an established developer of healthcare, multifamily and industrial properties. With a strong focus on healthcare real estate, Onicx has become a trusted partner for health systems and medical groups.

"These two medical office buildings are located in attractive settings proximate to other important medical facilities that satisfy the healthcare needs of these communities," said Dhvanit Patel, President & CEO, Onicx Group. "We greatly appreciated the expertise and agility of First Citizens Bank in supporting our financing and banking needs as we advance our growth objectives."

"Onicx Group is well-recognized for its real estate expertise and has continued to demonstrate skill in managing its portfolio of top-tier medical properties such as these," said William Douglass, group head and managing director of the Healthcare Finance business at First Citizens Bank.

"We are pleased to provide the debt capital required for the recapitalization of these valuable medical office buildings for Onicx Group that support the clinical medical needs of patients across central Florida," said Steve Reedy, a managing director for First Citizens Bank's 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.

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SOURCE First Citizens Bank