JACKSONVILLE, Fla., April 18,
2024 /PRNewswire/ -- First Citizens Bank today
announced that its Healthcare Finance business served as sole
lender on $50 million in financing
for an affiliate of Tristar Realty Group for the refinancing of
Ventana Medical Center.
The Ventana is a 122,000-square-foot Class A medical office
facility in Tarzana, California, a
suburban section of the San Fernando Valley region of Los Angeles. It is co-anchored by Cedars Sinai
Medical Center and Providence Health System-Southern
California.
"With its modern facilities, strategic location and premier
tenants, The Ventana is an outstanding medical office building,"
said Daniel Kashani, founder and CEO
of Tristar Realty Group. "We appreciated the deep industry
knowledge of the First Citizens Medical Office Banking group and
their ability to provide solid guidance and efficiently execute and
close on this financing."
"Tristar Realty is well-known for their expertise in developing
and managing top-quality medical properties. We are pleased to have
the opportunity to work with them on this transaction," said
William Douglass, managing director and group head for First
Citizens Healthcare Finance.
"Ventana Medical Center is a premier, first-class facility that
provides important clinical care to the San Fernando Valley and is
anchored by two investment credit rated health systems. We
appreciate the opportunity to expand our banking relationship
with Tristar Realty through this financing," said Steve Reedy, a managing director and head of
medical office banking in Healthcare Finance. "We look forward to
having the opportunity to work with the Tristar team on additional
future projects."
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:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank