Rethink selects First Citizens Bank to refinance the property located on the campus of Adventist White Oak Medical Center
SILVER SPRING, MD., and WHITE PLAINS, NY., July 31, 2023 – Rethink Healthcare Real Estate (“Rethink”), the White Plains and New York City based investment management firm (fka Seavest Healthcare Properties) secured a $50.3 million loan from First Citizens Bank’s Healthcare Finance business to refinance the Medical Pavilion at White Oak, a Class A medical office building and cancer center on the campus of Adventist White Oak Medical Center in Silver Spring, Maryland.
The Medical Pavilion, which is directly connected to Adventist White Oak Medical Center, opened in 2020 and is approximately 169,000 square feet. The Medical Pavilion’s offerings include an advanced cancer center, primary care services, cardiology, and an array of other specialists.
Located about seven miles northeast of Washington, D.C., the hospital and outpatient medical pavilion together bring an integrated world-class medical complex to the developing healthcare and life sciences corridor.
“We are pleased to continue to grow our banking relationship with Rethink Healthcare Real Estate through the financing of this state-of-the-art, Class A medical office building,” said Steven Reedy, Managing Director, First Citizens Bank – Healthcare Finance.
The refinancing of the Medical Pavilion at White Oak supports Rethink’s focus on maintaining high-quality medical office buildings and specialized care facilities that advance community care.
“We are proud to close this significant transaction with the First Citizens Bank Healthcare Finance team,” said Malika Basheer, Senior Vice President, Director of Asset Management, Rethink Healthcare Real Estate.
The Medical Pavilion and the adjacent Adventist White Oak Medical Center are part of the White Oak Science Gateway, a developing life sciences community integrating medical researchers, retail, and business. The area is centrally located for easy access to Route 29, Interstate 95, and the Intercounty Connector.
A limited number of medical office suites are available at the Medical Pavilion at White Oak. For leasing information, please contact Nate Crowe of Scheer Partners at (301) 337-4730 or ncrowe@scheerpartners.com or Katie Datin of Scheer Partners at (301) 337-4704 or kdatin@scheerpartners.com. Additional leasing information can be found on the Medical Pavilion at White Oak 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 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. Discover more at firstcitizens.com.
About Adventist HealthCare
Adventist HealthCare, based in Montgomery County, is a faith-based, not-for-profit organization of dedicated professionals who work together each day to provide excellent wellness, disease management and healthcare services to the community. AHC’s integrated healthcare delivery network includes three nationally accredited, acute-care and specialty hospitals, outpatient centers, home health agencies and physician practices serving the greater Washington, D.C., metropolitan area. AHC’s hospitals are accredited by The Joint Commission for their commitment to providing high-quality care to patients and achieving performance standards. For more information visit AdvenistHealthCare.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.