A joint venture led by Rethink Healthcare Real Estate has secured a $50.3m loan from First Citizens Bank’s Healthcare Finance business, which will be used to refinance the Medical Pavilion at White Oak, an on-campus medical office building in Silver Spring, Maryland, US.
Healthcare Finance forms part of the North Carolina-based bank’s CIT unit.
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First Citizens Bank Healthcare Finance business managing director Steven Reedy said: “We are pleased to continue to grow our banking relationship with Rethink Healthcare Real Estate through the financing of this state-of-the-art, Class A medical office building.”
The Pavilion, connected to the Adventist White Oak Medical Center, includes a cancer centre, primary care services, and speciality clinics.
First Citizens Bank operates over 550 branches in 23 US states, serving personal, business, commercial, and wealth customers.
Rethink Healthcare Real Estate president and chief investment officer John Winer said: “Once again, we are pleased with the execution by First Citizens Bank’s Healthcare Finance team in providing financing that supports our focus on maintaining high-quality medical office buildings and specialised care facilities.”
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