First Citizens Provides $30 Million in Financing for Amavida Living Community in Florida

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05/17/2023 - 09:00 AM EDT

NEW YORK, May 17, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance group, part of the CIT division, provided $30 million to refinance the Amavida Living Community in Fort Myers, Florida.

Amavida is a 387-unit senior housing community consisting of 251 independent-living units, 113 assisted-living units and 23 memory care units. The community is owned by an affiliate of Quadrum Global.

"Amavida is a beautiful facility with a bright future," said Jared White, Senior Vice President, Quadrum Global. "We couldn't be more pleased with how the CIT Healthcare team executed this transaction. They were diligent, professional and got it done. We look forward to working with them again."

"We were pleased to assist Quadrum with recapitalization financing for Amavida, one of the premier senior living communities in the Greater Fort Myers area," said William Douglass, managing director and group head for CIT Healthcare Finance.

"It was a pleasure to work with the Quadrum team to get this done. They put their faith and trust in us that we would execute on their behalf," said Michael Coiley, a managing director in Healthcare Finance.

Healthcare Finance, part of First Citizens' CIT 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.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, 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 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.