First Citizens Bank’s healthcare finance business served as sole lender on an $18.59 million financing facility for a joint venture between Cypress West Partners and TPG Angelo Gordon. The financing supports the acquisition and recapitalization of a two-property medical office portfolio located in Tucson and Las Vegas.
The portfolio includes La Cholla Medical, a medical office facility comprised of two two-story buildings in Tucson, and MacFarlane Medical, a Las Vegas multi-tenant medical outpatient building that houses a range of healthcare specialties.
“We appreciate the expertise of the First Citizens Bank Healthcare Finance team and their thoughtful approach to arranging this financing,” Chris Cumella, CEO of Cypress West, said. “Their industry knowledge and ability to work collaboratively moved this transaction forward smoothly.”
“We’re pleased to support Cypress West and TPG Angelo Gordon on this acquisition,” William Douglass, managing director and group head for First Citizen’s healthcare finance group, said. “We value the opportunity to support experienced investors in high-quality healthcare assets that contribute to the delivery of care in their communities like La Cholla Medical and MacFarlane Medical.”
“Healthcare real estate continues to be a vital part of the broader economy,” Steve Reedy, managing director and head of medical office banking in First Citizen’s healthcare finance business, said. “We’re pleased to contribute to the growth and stability of this segment and the opportunity to finance facilities that meet the evolving needs of providers and patients.
