First Citizens Bank Provides $17.5 Million in Financing for Acquisition of a Rehabilitation Hospital in San Antonio, Texas

JACKSONVILLE, Fla., Nov. 15, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business provided $17.5 million in financing to Norvin Healthcare Properties for the acquisition of PAM Health Warm Springs Rehabilitation Hospital located in Northeast San Antonio, Texas.

The property, built in 2021, is a 40-bed, freestanding, inpatient rehabilitation facility totaling 38,667 in rentable square footage located at 11407 Wayland Way, San Antonio, Texas. The hospital is conveniently located off the major north-south interstate highway I-35 in Texas' second most populous city.

"We're pleased to work again with First Citizens' Healthcare Finance team and appreciate their solid reputation and healthcare expertise to support the financing of our growing portfolio," said Norman Livingston, co-founder and managing partner of Norvin Healthcare Properties.

"Norvin Healthcare Properties is well known for their portfolio of high-quality medical office buildings and for their skill in identifying attractive opportunities in the healthcare real estate market," said William Douglass, managing director and group head of First Citizens Bank's Healthcare Finance business.

"We are pleased to continue our support of Norvin Healthcare Properties as we continue to grow our banking relationships where we leverage our deep industry experience and market expertise to support our clients unique financing needs," said Steven Reedy, managing director and relationship manager with First Citizens Bank's Healthcare Finance.

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., and now celebrating the 125th anniversary of its founding, 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.

MEDIA RELATIONS:

Ella Bristow
212-461-5322
Ella.bristow@firstcitizens.com

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SOURCE First Citizens Bank