First Citizens Bank's Healthcare Finance business served as lead arranger for a $260 million loan to refinance a portfolio of 12 skilled nursing facilities in Maryland.

The borrower is a Midwest-based healthcare real estate investment and management company that invests in a variety of post-acute facilities with Investments in over 24 states.

These specific licensed facilities represent more than 1,500 skilled nursing beds, which typically offer care to individuals who need rehabilitation from injury, wound care or who suffer from serious or persistent health issues requiring 24-hour medical attention.

“Skilled Nursing is a critical piece of the post-acute spectrum of care, and we are pleased to have supported this financing on behalf of a new client,” said William Douglass, head of First Citizens Healthcare Finance.

“Our team quickly understood the key needs and priorities and were able to leverage First Citizen’s sector knowledge to ensure a smooth execution. We were able to deliver on the promises we made,” said Michael Coiley, a managing director on the Healthcare Finance team.