Press release
First Citizens Bank Provides Loan to Refinance Tacoma Senior Living Facility
NEW YORK, June 13, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business provided a term loan to refinance GenCare
About this update from First Citizens Bancshares, Inc.
[{"type":"text","content":"NEW YORK, June 13, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business provided a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Tacoma, Washington.\n\n \n \n \n \n \n \n\n \nThe borrower is a joint venture led by Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets with approximately $55 billion in assets under management and consistently ranking among the top five largest owners in the senior housing sector across the United States. The same joint venture with PMB LLC served as the facility's original developer, with GenCare Lifestyle, another joint venture partner, as the facility operator.\n\"The Point Ruston property managed by Gencare is a Class-A senior living facility in a very desirable location,\" said Lindsey Rongstad, Director at Harrison Street. \"We greatly appreciated the expertise and flexibility shown by First Citizens Healthcare team in arranging this refinancing. It was another uneventful, smooth closing by this team.\"\n\"Demand for high-quality senior living facilities remains strong in the Pacific Northwest and nationwide,\" said William Douglass, head of First Citizens Healthcare Finance. \"We were pleased to work closely with our clients on this transaction.\"\n\"This is a beautiful facility in a fantastic location and Gencare has a first-class team operating this building,\" said Michael Coiley, a managing director on the Healthcare Finance team. \"It's great to work with the Harrison Street & PMB teams and deliver on our promises and ensure smooth completion of this refinancing.\"\nFirst 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.\nAbout First Citizens BankFirst 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...