{"id":1004647185,"date":"2023-02-24T03:18:59","date_gmt":"2023-02-24T11:18:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004647185"},"modified":"2023-02-24T06:44:47","modified_gmt":"2023-02-24T14:44:47","slug":"montecito-medical-lands-50m-loan-for-mob-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/montecito-medical-lands-50m-loan-for-mob-portfolio\/","title":{"rendered":"Montecito Medical Obtains $50M Loan for MOB Portfolio"},"content":{"rendered":"
\"Advocate<\/a>

Advocate Health building located in Rosemont, Ill. Image courtesy of First Citizens Bank<\/p><\/div>\n

Montecito Medical<\/strong> has received $50.3 million in financing to recapitalize a portfolio of medical office buildings. First Citizens Bank<\/strong>, through its Healthcare Finance group, provided the loan.<\/p>\n

The portfolio encompasses seven off-campus medical office properties totaling 200,000 square feet. Located in Florida, Illinois and Pennsylvania, the facilities offer a wide range of medical services including gastroenterology, orthopedic, oncology, laboratory work, ophthalmology, obstetrics and gynecology, among others.<\/p>\n

With this current purchase, the company expanded its footprint in Florida as well. Last year in August, Montecito acquired a 37,000-square-foot property<\/a> in Lithia, Fla., fully occupied under a long-term lease by Orthopaedic Medical Group of Tampa Bay.<\/p>\n

Earlier this month, First Citizens Bank provided Montecito Medical another loan<\/a> of $31.2 million for the acquisition of a 120,000 square-foot medical office building in Columbia, S.C. Spirit Realty sold the cancer treatment center for $48 million.<\/p>\n

Starting the year with major deals<\/h2>\n

Montecito kicked off 2023 in January by selling a collection of 13 properties<\/a> in eight states totaling 300,328 square feet. A joint venture of Remedy Medical Properties and Kayne Anderson Real Estate paid $131 million for the fully leased assets.<\/p>\n

That same month, the company made a portfolio acquisition<\/a> which consisted of six medical office buildings in Greater Kansas City, Kan., in a sale-leaseback transaction. Discover Vision centers sold the assets totaling 95,759 square feet.<\/p>\n

Since its foundation in 2006, Montecito Medical has completed transactions involving more than $5 billion in medical real estate, across 35 states. The company\u2019s medical office footprint encompasses approximately 3 million square feet, CommercialEdge data shows.<\/p>\n","protected":false},"excerpt":{"rendered":"

First Citizens Bank provided the financing for the properties, which span three states.<\/p>\n","protected":false},"author":2829,"featured_media":1004647202,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21754,23891,21742],"tags":[33278,35085],"class_list":["post-1004647185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-medical-office","category-national","category-latest","tag-first-citizens-bank","tag-montecito-medical"],"acf":[],"yoast_head":"\nMontecito Medical Obtains $50M Loan for MOB Portfolio - CPE<\/title>\n<meta name=\"description\" content=\"Montecito Medical received $50.3 million in financing from First Citizens Bank for a seven-property portfolio of medical office buildings.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/montecito-medical-lands-50m-loan-for-mob-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Montecito Medical Obtains $50M Loan for MOB Portfolio\" \/>\n<meta property=\"og:description\" content=\"Montecito Medical received $50.3 million in financing from First Citizens Bank for a seven-property portfolio of medical office buildings.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/montecito-medical-lands-50m-loan-for-mob-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-24T11:18:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-24T14:44:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Transactions-FirstCitizensBank-Monetecito-AdvocateHealth-RosemountIL2cropped-e1677076864614.png\" \/>\n\t<meta property=\"og:image:width\" content=\"819\" \/>\n\t<meta property=\"og:image:height\" content=\"614\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/montecito-medical-lands-50m-loan-for-mob-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/montecito-medical-lands-50m-loan-for-mob-portfolio\/\",\"name\":\"Montecito Medical Obtains $50M Loan for MOB Portfolio - 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