First Citizens Bank’s 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, a 122,000-square-foot Class A medical office facility in Tarzana, CA.
“With its modern facilities, strategic location and premier tenants, The Ventana is an outstanding medical office building,” Daniel Kashani, founder and CEO of Tristar Realty Group, said. “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,” William Douglass, managing director and group head for First Citizens Healthcare Finance, said. “We are pleased to have the opportunity to work with them on this transaction.”
“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,” Steve Reedy, a managing director and head of medical office banking for First Citizens Healthcare Finance, said. “We look forward to having the opportunity to work with the Tristar team on additional future projects.”
