Rethink selects First Citizens Bank to refinance the property located on the campus of Grandview Medical Center
BIRMINGHAM, ALA., and WHITE PLAINS, N.Y., JANUARY 17, 2024 – Rethink Healthcare Real Estate, the White Plains and New York City based investment management firm, secured a $37.0 million loan from First Citizens Bank to refinance Grandview Physicians Plaza I, an eight-story, Class A medical office building located on the campus of the Grandview Medical Center in Birmingham, Alabama
Grandview Physician Plaza I opened in 2015, spans over 200,000 square feet, and sits adjacent to the nationally ranked Grandview Medical Center. The property’s tenants include the hospital and independent practices specializing in orthopedics, imaging, women’s health services, internal medicine, physical therapy, and a range of other medical specialties.
Located on Route 280 just southwest of downtown Birmingham, the hospital and adjoined outpatient facility bring an integrated state-of-the-art medical complex to the rapidly growing area.
“We are excited to strengthen our banking relationship with Rethink Healthcare Real Estate by financing this state-of-the-art, Class A medical office building,” said Steven Reedy, Managing Director and Head of Medical Office Banking, First Citizens Bank – Healthcare Finance.
The refinancing of Grandview Physician Plaza I supports Rethink’s focus on maintaining high-quality medical office buildings and specialized care facilities that advance community care.
“We are glad to close this transaction with the First Citizens Bank Healthcare Finance team,” said Kurt Hackett, Vice President, Asset Management, Rethink Healthcare Real Estate. “First Citizens’ knowledgeable and professional team is a pleasure to work with.”
To address the rising demands for patient care and additional space, Rethink and Daniel Corporation developed Grandview Physician Plaza II in 2022, complementing Grandview Physician Plaza I. Today both facilities are fully leased, underscoring the key role that Grandview Medical Center plays in serving the Birmingham area’s healthcare needs.
For leasing information, please contact Genevieve Douglas of Daniel Corporation at (205) 443-4559 or gdouglas@danielcorp.com. Additional leasing information can be found on the Grandview Physicians Plaza I website.
About Rethink Healthcare Real Estate and Rethink Capital Partners
Rethink Capital Partners, LLC is an investment management firm specializing in healthcare real estate and social impact venture capital. Rethink Healthcare Real Estate, an affiliate, focuses on investments in the medical office and outpatient facility sector. The firm acquires existing properties, joint ventures with established developers to build new properties, and asset manages medical office buildings, outpatient facilities and similar healthcare real estate assets. Rethink made its first healthcare real estate investment in 1989 and today has a significant portfolio of institutional quality, strategic medical office buildings and outpatient facilities located throughout the United States. For more information, please visit rethink-capital.com.
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 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 national 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 Grandview Medical Center
A regional subsidiary of Community Health Systems Inc. (NYSE: CYH), Grandview Medical Center offers diverse specialties ranging from labor and delivery to robotic assisted surgery. Specialty units include a Level III trauma center, certified Chest Pain Center, recognized stroke center, cardiac catheterization lab and neonatal, surgical, and medical intensive care. Grandview Medical Center is a 434-bed tertiary care hospital that provides healthcare services to patients in Birmingham and surrounding communities. For more information visit GrandviewHealth.com.
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Media Contact: Peyton Murray, Rethink Capital Partners, media@rethink-capital.com or 914.595.2137
For non-media related inquiries, please contact David Braunstein at dbraunstein@rethink-capital.com or 914.269.0911.