First Citizens Bank’s 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, TX. 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, MS, and Vicksburg, MS. 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,” Antonio Minchella, senior managing director of medical offices at Kayne Anderson, said. “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,” William Douglass, managing director and group head for First Citizens Bank’s healthcare finance business, said. “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,” Steven Reedy, managing director and head of medical office banking for First Citizens Bank, said.
