CIT, a division of First Citizens Bank, announced that its Healthcare Finance business served as lead arranger for $67.5 million in financing for the acquisition and future expansion of the Northwest Specialty Hospital in the Greater Spokane market region.
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The property consists of a multi-specialty surgical hospital with 32 beds, eight operating rooms, two procedure rooms, two anesthesia recovery units, an endoscopy center and a connected 36,000-square-foot medical office building located in Post Falls, Idaho, part of the Greater Spokane market.
The buyer is Hammes Partners, an investment management firm that invests on behalf of institutional investors with an exclusive focus on the U.S. healthcare real estate market.
“Northwest Specialty Hospital and its medical office building are top-notch properties that support quality medical care in a fast-growing region where demand is strong,” said Todd Kibler, Managing Principal of Hammes Partners. “Through the years we have developed a very solid banking relationship with CIT. We appreciate their Healthcare industry knowledge, market awareness, agility, and commitment to timely and consistent execution.”
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“Hammes Partners is well-regarded throughout the industry for their investments in high-quality medical properties,” said William Douglass, managing director and group head for CIT Healthcare Finance.
“We are pleased to continue to support Hammes Partners and expand upon our significant and growing relationship through the arrangement of this very important financing,” said Steve Reedy, a managing director in Healthcare Finance.
CIT’s Healthcare Finance unit, part of the Commercial Finance division, provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. By using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for capital.
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