Washington DC + Maryland + Finance | July 31, 2023

First Citizens Bank Provides $50M Refi for Silver Spring Medical Pavilion

First Citizens Bank’s Healthcare Finance division, part of the CIT division, has provided a $50.3 million loan to a joint venture led by Rethink Healthcare Real Estate to refinance the Medical Pavilion at White Oak in Silver Spring, Maryland.

The medical office building is located adjacent to the Adventist White Oak Medical Center in a healthcare and life science hub. The Pavilion, connected to the hospital, houses a cancer center, primary care services, and specialized care facilities.

“We are delighted to again work closely with Rethink, who has a proven track record of developing and managing high-quality medical office buildings and outpatient medical facilities in attractive markets,” said William Douglass, who leads the bank’s Healthcare Finance business.

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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