Northwest Specialty Hospital Sold to Investment Company for $67.5M
Northwest Specialty Hospital, once owned and operated by local physicians in Post Falls, is now owned by investment company Hammes Partners.
According to the website, Hammes Partners is an investment management firm that invests on behalf of institutional investors with an exclusive focus on the U.S. healthcare real estate market.
Through investments in healthcare real estate, investors have direct exposure to healthcare—the nation's fastest growing sector. Within this resilient sector, Hammes Partners is focused on outpatient real estate, where healthcare providers are increasingly providing patient care due to cost and convenience.
Hammes Partners leverages deep industry experience and relationships built over nearly 30 years of advising healthcare clients and 20 years of investing in healthcare real estate. With healthcare real estate being more specialized than other real estate sectors, our historical roots as an operator and consultant within the industry provide for better investment insights, allowing us to source and deliver strategic investment opportunities throughout economic cycles.
Financing the local hospital acquisition was CIT Healthcare Financing, a division of First Citizens Bank.
Full press release below.
CIT Arranges $67.5 Million Financing for Acquisition and Expansion of Surgical Hospital and Adjacent Medical Office
NEWS PROVIDED BY CIT, a division of First Citizens Bank Aug 17, 2022, 09:00 ET
NEW YORK, Aug. 17, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business served as lead arranger for $67.5 million in financing for the acquisition and future expansion of the Northwest Specialty Hospital in the Greater Spokane market region.
The property consists of a multi-specialty surgical hospital with 32 beds, eight operating rooms, two procedure rooms, two anesthesia recovery units, an endoscopy center and a connected 36,000-square-foot medical office building located in Post Falls, Idaho, part of the Greater Spokane market.
The buyer is Hammes Partners, an investment management firm that invests on behalf of institutional investors with an exclusive focus on the U.S. healthcare real estate market. "Northwest Specialty Hospital and its medical office building are top-notch properties that support quality medical care in a fast-growing region where demand is strong," said Todd Kibler, Managing Principal of Hammes Partners. "Through the years we have developed a very solid banking relationship with CIT. We appreciate their Healthcare industry knowledge, market awareness, agility, and commitment to timely and consistent execution."
"Hammes Partners is well-regarded throughout the industry for their investments in high-quality medical properties," said William Douglass, managing director and group head for CIT Healthcare Finance.
"We are pleased to continue to support Hammes Partners and expand upon our significant and growing relationship through the arrangement of this very important financing," said Steve Reedy, a managing director in Healthcare Finance.
CIT's Healthcare Finance unit, part of the Commercial Finance division, provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. By using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for capital.
About CIT CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens. MEDIA RELATIONS: John M. Moran 212-461-5507 firstname.lastname@example.org SOURCE CIT, a division of First Citizens Bank