First Citizens Bank announced that its Healthcare Finance business has refinanced The Bristal at Wayne, a 158-bed senior housing facility in Wayne, N.J.

The borrower is a joint venture affiliate of Chicago-based Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, and B2K Development, a fully integrated real estate development firm with a diverse portfolio of properties. The same joint venture served as the facility’s original developer, with Ultimate Care Assisted Living as the facility operator.

“The Bristal at Wayne is an excellent community situated in a great market,” said Brandi Healey, Director at Harrison Street. “It’s been a pleasure partnering with the First Citizens Healthcare team on another financing with a smooth closing and we look forward to working together again in the future.”

“It’s no surprise that The Bristal at Wayne was recognized last year as being New Jersey’s best senior living facility by a national organization,” said Steven Krieger, CEO of B2K Development. “We appreciated the expertise and agility of First Citizens Healthcare Finance team in arranging this refinancing.”

“Strong demand continues for top-quality senior living facilities such as The Bristal at Wayne, and we were delighted to work with Harrison Street and B2K Development on this refinancing,” said William Douglass, group head for First Citizens Healthcare Finance.

“Both Harrison Street and B2K are well-regarded throughout the industry for their expertise in this sector,” said Michael Coiley, a managing director on the Healthcare Finance team. “We were pleased to support them on this transaction, and we look forward to collaborating on future opportunities as well.”