First Citizens Bank said Oct. 28 that its health care finance business provided $338 million in financing to affiliates of Autumn Lake Healthcare for the purchase of a real estate portfolio totaling 12 Maryland skilled nursing facilities including more than 1,500 beds.
Based in Howell, Autumn Lake Healthcare’s network includes 66 skilled nursing facilities totaling over 8,200 beds in Connecticut, Maryland, New Jersey, Wisconsin and West Virginia.
“The First Citizens team is outstanding and have been real partners through every turn. Their collaborative approach and level of commitment reflected a deep understanding of the unique challenges of our industry” said Mark Schwartz, chief operating officer for Autumn Lake Healthcare. “We are excited to continue the expansion of our network of skilled nursing facilities and enhance the level of care we provide to our residents.”
“Autumn Lake Healthcare network of facilities are premier providers in the skilled nursing sector, and we are proud to support them through this last acquisition,” said William Douglass, a managing director and group head of Healthcare Finance at Raleigh, N.C.-based First Citizens Bank.
“Autumn Lake Healthcare’s dedication to delivering high-quality care aligns closely with our mission to support healthcare organizations that make meaningful impact in their communities,” said Mike Coiley, a managing director in First Citizens’ Healthcare Finance. “We look forward to continuing to work with them as they pursue future growth opportunities.”Â
First Citizens Healthcare Finance provides financing and banking solutions to middle market healthcare companies across the U.S.
