First Citizens Bank Provides $50 Million to Refinance Los Angeles Medical Office Building
JACKSONVILLE, Fla., April 18, 2024 /PRNewswire/ -- First Citizens Bank today announced that its 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.
The Ventana is a 122,000-square-foot Class A medical office facility in Tarzana, California, a suburban section of the San Fernando Valley region of Los Angeles. It is co-anchored by Cedars Sinai Medical Center and Providence Health System-Southern California.
"With its modern facilities, strategic location and premier tenants, The Ventana is an outstanding medical office building," said Daniel Kashani, founder and CEO of Tristar Realty Group. "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. We are pleased to have the opportunity to work with them on this transaction," said William Douglass, managing director and group head for First Citizens Healthcare Finance.
"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," said Steve Reedy, a managing director and head of medical office banking in Healthcare Finance. "We look forward to having the opportunity to work with the Tristar team on additional future projects."
First Citizens Healthcare Finance provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. Using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for growth capital.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ:FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.
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SOURCE First Citizens Bank