First Citizens Bank’s healthcare finance business arranged $270 million in financing to support the acquisition of 30 healthcare facilities across Idaho, Oregon, Washington, Montana and Arizona.
The properties have historically been and continue to be operated by Cascadia Healthcare and its affiliate Olympus Retirement Living. They include 15 freestanding skilled nursing facilities and seven campuses that consist of a combination of skilled nursing, independent living and assisted living facilities. The buyer is a real estate investment group specializing in the post-acute sector.
“We are proud to provide the financing for this important transaction involving numerous post-acute care and seniors housing facilities,” William Douglass, group head and managing director of healthcare finance at First Citizens Bank, said. “Our team is committed to leveraging its deep industry knowledge and expertise to provide flexible and tailored financing solutions that help healthcare companies grow and better serve communities.”
“It was a pleasure to support our client with this financing and we look forward to further opportunities to serve their financial needs,” Mike Coiley, a managing director in healthcare finance of First Citizens, said.
