First Citizens Bank has recently provided a term loan for the refinancing of GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility located in Washington. The borrower is a joint venture led by Harrison Street, one of the top investment management firms that specializes in alternative real assets and currently manages approximately $55 billion in assets. This firm consistently ranks among the largest owners in the senior housing sector across the United States.
The joint venture, along with PMB LLC as its original developer and GenCare Lifestyle as its operator, worked together to bring this facility to fruition. According to William Douglass, head of First Citizens Healthcare Finance, there continues to be strong demand for high-quality senior living facilities not only in the Pacific Northwest but also nationwide. He further stated that they were pleased to collaborate closely with their clients on this transaction.
This recent development marks another successful project for First Citizens Bank within their healthcare finance division and demonstrates their expertise and commitment towards providing financing solutions for such projects across various regions.
