First Citizens Bank Arranges $99.3 Million For Kayne Anderson Real Estate And Remedy Medical Properties Joint Ventures

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First Citizens Bank today announced that its Healthcare Finance business completed two transactions totaling $99.3 million with joint ventures managed by Kayne Anderson Real Estate and Remedy Medical Properties.

One joint venture received $75 million in loan proceeds for the acquisition of a surgical hospital, Baylor Scott & White Medical Center, located in Frisco, Texas. The property is fully leased to Frisco Medical Center and includes 68 inpatient beds and 11 operating rooms.

Another joint venture received $24.3 million in loan proceeds for the refinancing of two medical office buildings in Mississippi. The properties are located in Flowood and Vicksburg, Mississippi. Both properties are 100% occupied by GI Associates & Endoscopy Center.

“These medical office buildings are modern facilities in attractive locations, easily accessed by healthcare patients and providers,” said Antonio Minchella, senior managing director – Medical Office at Kayne Anderson. “We appreciate First Citizens’ agility and expertise in arranging medical office financing.”

“Kayne Anderson Real Estate and Remedy Medical Properties are well-known as leading investors in medical office buildings and other specialty real estate,” said William Douglass, managing director and group head for First Citizens Bank’s Healthcare Finance business. “We are excited to support Kayne Anderson and Remedy’s joint ventures as they continue to grow their business.”

“We are pleased to work with Kayne Anderson Real Estate and Remedy Medical Properties to arrange the financing for these Class A medical properties that provide essential services within their communities,” said Steven Reedy, the managing director and head of medical office banking for First Citizens.

First Citizens Healthcare Finance provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. Using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for growth capital.

 

Source: yahoo!finance

All Children’s Hospital Will Be Centerpiece Of New Pasco Development

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Pasco County may soon be adding another major medical center as Johns Hopkins All Children’s Hospital has a contract to develop in the “connected city” area. Pasco commissioners approved the proposal Nov. 14.

The potential hospital site was originally envisioned as a large multifamily and retail area. But a new buyer stepped forward.

All Children’s is the second major specialty medical center to announce plans for opening a location in Pasco in the last couple of years. Moffitt Cancer Center is the anchor of another major development project in Central Pasco. Plans call for a 775-acre global innovation center focused on cancer care and research.

Known as the Wildcat Bailes project, the development including All Children’s Hospital stretches over 176 acres and includes 365,000 square feet of hospital space, 1,275 multifamily residences, 155,000 square feet of retail, 150,000 square feet of office space, 250,000 square feet of medical office space and 250 hotel rooms. The site is located east of Interstate 75 and north of Overpass Road.

The connected city area is a 7,800-acre swath of the county stretching from Wesley Chapel into eastern Pasco. When the Florida Legislature approved the pilot concept for Pasco eight years ago, one of the big draws was that it was supposed to feature a high-speed internet system to support businesses that locate there.

Roughly bordered by State Road 52 on the north, I-75 on the east, Overpass Road on the south and Curley Road on the west, the zone is expected to house 96,000 residents and 37,000 homes and produce 65,000 jobs over the next 50 years.

 

Source: Tampa Beacon

BayCare Health System Acquires Winter Haven’s Gessler Clinic

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BayCare Health System, Central Florida’s largest non-for-profit healthcare provider, is acquiring Gessler Clinic, Winter Haven’s physician-owned health care clinic, effective December 2.

“Gessler’s long-standing dedication and high-quality service to its patients make it a natural fit to expand BayCare’s commitment to the community,” BayCare Co-Chief Operating Officer Lou Galdieri said in a release. “This transition underscores a mutual vision to elevate health care delivery in Winter Haven and Polk County.”

Winter Haven Hospital already falls under the BayCare umbrella of healthcare centers, and works alongside Gessler Clinic to provide care to the residents of Winter Haven and greater Polk County.

“This transition builds on BayCare’s long-standing commitment to Polk County,” says Tom Garthwaite, president of Winter Haven Hospital.

BayCare Health System includes hospitals and locations for physicians and ambulatory services in the Central Florida area. Gessler Clinic has been serving the Winter Haven community since 1957 and includes more than 40 physicians in 20 specialties.

“Polk County is a large and growing county that deserves the very best in health care offerings,” Garthwaite continues. “This medical practice transition is about meeting the growing community’s access to health care. We are excited to be expanding our network’s primary care physician and specialist network.”

Garthwaite says they are working to ensure a smooth transition for patients.

Gessler Clinic’s main location is directly across the street from Winter Haven Hospital, and many providers already practice at both Winter Haven Hospital and Winter Haven Women’s Hospital. The two hospitals joined the BayCare System in 2013, adding not only acute care facilities to the health system but also outpatient behavioral health services, a community blood center and primary care practices.

“The transition allows us to continue our work on improving the health of all we serve by providing high-quality, compassionate care,” Garthwaite says. “Joining forces with Gessler will expand our extraordinary team and ultimately benefit our community. This will provide a great foundation for future physician growth and alignment. BayCare values our relationships with thousands of physicians across our region and often have conversations about how we might more closely align to better serve our patients and communities.”

“As a physician, you want nothing more than to take good care of your patients,” said Richard LaCalamito, D.O., a member of the Gessler Clinic since 1996. “With this transition, our community’s health will remain the driving priority of this clinic.”

In 2022, BayCare was named among the nation’s top 20% of health systems for clinical and operational excellence by FORTUNE/Merative for the fourth year in a row.

Also under the BayCare umbrella are Bartow Regional Medical Center and a Winter Haven-based urgent care center. Additionally, they opened two additional urgent care centers in surrounding cities, expanded specialty and primary care services, and established a family medicine physician residency program.

Most Gessler providers and team members will join BayCare, according to BayCare, and the group will take over operations on Dec. 2.

 

Source: Central Florida healthnews