Updated Mar 18, 2025
First Citizens Bank Grants $50.3M Loan To Rethink Healthcare For Medical Pavilion Refinance
11890 Healing Way
$50,300,000
Building Size
—
Asset Type
Medical Office
Closing
Jul 31, 2023
About this deal
AI
The Medical Pavilion at White Oak in Silver Spring, Maryland is set to undergo a refinancing transaction thanks to a joint venture led by Rethink Healthcare Real Estate. First Citizens Bank's Healthcare Finance division, part of the CIT division, has granted a $50.3 million loan to the venture for this purpose. The medical office property located at 11890 Healing Way will benefit from this financial support.
Summary of transaction details
- Property Type: Medical Office
- Transaction Amount: $50,300,000
- Lender: First Citizens Bank
- Landlord: Rethink Healthcare Real Estate
- Loan Type: Refinance
This collaboration between First Citizens Bank and Rethink Healthcare Real Estate aims to provide necessary funding to refinance the Medical Pavilion at White Oak. The loan granted by First Citizens Bank's Healthcare Finance division allows for the continuation and enhancement of medical services within this facility. As part of this transaction, the joint venture led by Rethink Healthcare Real Estate will benefit from significant financial support, ensuring the medical office's continued operations and growth.
On the Map
$50,300,000
Medical Office
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Players
Silver Spring Medical Office Market Snapshot
Boundary boundary · Medical Office · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93