First Citizens Bank‘s healthcare finance group, part of the CIT division, provided $31.2 million to Montecito Medical Real Estate to finance the acquisition of a cancer treatment center in Columbia, SC.
The treatment center is leased to South Carolina Oncology Associates (SCOA), the Columbia region’s leader in oncology services and the largest private oncology practice in the state.
“This cancer treatment center provides essential services to the greater Columbia community and is strategically located between two major medical corridors and surrounded by a number of hospitals,” Chip Conk, CEO of Montecito Medical Real Estate, said. “We appreciate the expertise provided by First Citizens in arranging financing for this valuable addition to our medical real estate portfolio.”
“We’re pleased to strengthen our relationship with Montecito Medical Real Estate through this financing process,” William Douglass, managing director and group head for healthcare finance at First Citizens, said. “Montecito has a strong reputation in healthcare-related real estate acquisitions and development, and we’re proud to support their growing portfolio.”
“We were delighted to again work with Montecito to understand their needs and support their ongoing operations by providing the capital as well as industry insights to help fuel their growth,” Steve Reedy, a managing director in Healthcare Finance.