First Citizens Bank Completes $338 Million Financing for Autumn Lake Healthcare Expansion

In a landmark transaction, First Citizens Bank's Healthcare Finance division has announced a significant financing arrangement totaling $338 million aimed at enhancing the operations of Autumn Lake Healthcare. This funding will facilitate the acquisition of 12 skilled nursing facilities located in Maryland, collectively featuring over 1,500 beds, thereby extending Autumn Lake’s extensive footprint in the healthcare sector.

A Strategic Partnership

Based in Howell, New Jersey, Autumn Lake Healthcare operates a robust network of 66 facilities comprising more than 8,200 beds across multiple states including Connecticut, Maryland, New Jersey, Wisconsin, and West Virginia. The collaboration with First Citizens Bank marks a pivotal moment as the organization embarks on its next phase of growth, aimed at improving the quality of care for its residents.

Mark Schwartz, Chief Operating Officer of Autumn Lake Healthcare, expressed his satisfaction with the partnership, stating, "The First Citizens team is outstanding and have been real partners through every turn. Their collaborative approach and level of commitment reflected a deep understanding of the unique challenges of our industry." Schwartz highlighted the value of having a financing partner who grasps the complexities of healthcare operations, particularly during expansion phases.

Strengthening Healthcare Initiatives

William Douglass, a managing director and group head of Healthcare Finance at First Citizens Bank, emphasized the importance of this partnership, noting that Autumn Lake Healthcare stands as a prominent provider within the skilled nursing domain. “We are proud to support them through this last acquisition,” said Douglass, affirming First Citizens’ commitment to working with quality healthcare providers.

The arrangement signifies not only financial support but also a shared vision of promoting high standards of care within the community. Mike Coiley, another managing director within First Citizens’ Healthcare Finance, commented on Autumn Lake's mission to deliver exceptional care, which aligns seamlessly with First Citizens Bank’s objectives to aid organizations that significantly impact their localities.

"Autumn Lake Healthcare's dedication to delivering high-quality care aligns closely with our mission to support healthcare organizations that make meaningful impacts in their communities," he noted, reinforcing the bank's commitment to its clientele.

Tailored Financial Solutions

The services of First Citizens Healthcare Finance are designed around the needs of middle-market healthcare companies across the United States, allowing the bank to provide tailored financial and banking solutions for growth. Their client-focused approach ensures that healthcare organizations can secure the capital they require to thrive.

First Citizens Bank, headquartered in Raleigh, North Carolina, boasts a diverse portfolio that includes banking solutions for personal, business, commercial, and wealth clients. The institution prides itself on its legacy of strength, stability, and a long-term vision that has endured for generations. They offer a comprehensive range of services, including commercial banking expertise, innovation banking for businesses at various stages, and a nationwide direct banking presence.

As one of the top 20 U.S. financial institutions, First Citizens BancShares, Inc. (NASDAQ: FCNCA) oversees assets exceeding $200 billion, thereby maintaining a significant role in the financial landscape.

The collaboration with Autumn Lake Healthcare not only illustrates First Citizens Bank’s proactive stance in the healthcare financing realm but also reflects its ongoing commitment to supporting initiatives that benefit the community, ensuring that high-quality care continues to be a top priority in healthcare delivery. As Autumn Lake moves forward with these enhancements, both organizations are eager to explore future opportunities for growth in the healthcare sector.