First Citizens Bank Provides Loan to Refinance Tacoma Senior Living Facility

NEW YORK, June 13, 2024 -- First Citizens Bank today announced that its Healthcare Finance business provided a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Tacoma, Washington.

The borrower is a joint venture led by Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets with approximately $55 billion in assets under management and consistently ranking among the top five largest owners in the senior housing sector across the United States. The same joint venture with PMB LLC served as the facility's original developer, with GenCare Lifestyle, another joint venture partner, as the facility operator.

"The Point Ruston property managed by Gencare is a Class-A senior living facility in a very desirable location," said Lindsey Rongstad, Director at Harrison Street. "We greatly appreciated the expertise and flexibility shown by First Citizens Healthcare team in arranging this refinancing. It was another uneventful, smooth closing by this team."

"Demand for high-quality senior living facilities remains strong in the Pacific Northwest and nationwide," said William Douglass, head of First Citizens Healthcare Finance. "We were pleased to work closely with our clients on this transaction."

"This is a beautiful facility in a fantastic location and Gencare has a first-class team operating this building," said Michael Coiley, a managing director on the Healthcare Finance team. "It's great to work with the Harrison Street & PMB teams and deliver on our promises and ensure smooth completion of this refinancing."

First Citizens Healthcare Finance provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. Using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for growth capital.

About First Citizens Bank

First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.

About Harrison Street

Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, build-to-rent, healthcare delivery, life sciences and storage real estate as well as social, utility and digital infrastructure. Headquartered in Chicago and London, with offices throughout North America, Europe and Asia, the firm has more than 280-employees and approximately US $55 billion in assets under management on behalf of institutional investors across the globe. Harrison Street was awarded Best Places to Work by Pensions & Investments for nine years (2014-2020, 2022, 2023) and since 2019 has won 15 awards from PERE, including three for the 2023 Awards: Alternatives Investor of the Year – Global, Data Centers Investor of the Year – North America, and ESG Firm of the Year - North America. For more information, please visit www.harrisonst.com. (Assets under management ("AUM") reflects AUM for the Firm's investment advisory and asset management clients, and is inclusive of the Firm's regulatory AUM reported in its Form ADV.)