First Citizens Bank to Refinance New Jersey Senior Living Facility

NEW YORK — Jan. 22, 2025 — First Citizens Bank today announced that its Healthcare Finance business has refinanced The Bristal at Wayne, a 158-bed senior housing facility in Wayne, N.J.

The borrower is a joint venture affiliate of Chicago-based Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, and B2K Development, a fully integrated real estate development firm with a diverse portfolio of properties.

The same joint venture served as the facility’s original developer, with Ultimate Care Assisted Living as the facility operator.

“The Bristal at Wayne is an excellent community situated in a great market,” said Brandi Healey, Director at Harrison Street. “It’s been a pleasure partnering with the First Citizens Healthcare team on another financing with a smooth closing and we look forward to working together again in the future.”

“It’s no surprise that The Bristal at Wayne was recognized last year as being New Jersey’s best senior living facility by a national organization,” said Steven Krieger, CEO of B2K Development. “We appreciated the expertise and agility of First Citizens Healthcare Finance team in arranging this refinancing.”

“Strong demand continues for top-quality senior living facilities such as The Bristal at Wayne, and we were delighted to work with Harrison Street and B2K Development on this refinancing,” said William Douglass, group head for First Citizens Healthcare Finance.

“Both Harrison Street and B2K are well-regarded throughout the industry for their expertise in this sector,” said Michael Coiley, a managing director on the Healthcare Finance team. “We were pleased to support them on this transaction, and we look forward to collaborating on future opportunities as well.”

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.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, build-to-rent, healthcare delivery, life sciences and storage real estate as well as social, utility and digital infrastructure. Headquartered in Chicago and London, with offices throughout North America, Europe and Asia, the firm has more than 290 employees and approximately US $56 billion in assets under management on behalf of institutional investors across the globe. Harrison Street was awarded Best Places to Work by Pensions & Investments for ten years (2014-2020, 2022, 2023, 2024) and since 2019 has won 15 awards from PERE, including three for the 2023 Awards: Alternatives Investor of the Year – Global, Data Centers Investor of the Year – North America, and ESG Firm of the Year - North America. Harrison Street did not pay any compensation in exchange for the aforementioned awards, but all applicants paid a submission fee for “Best Places to Work”. For more information, please visit www.harrisonst.com. Assets under management ("AUM") reflects AUM for the firm’s investment advisory and asset management clients.

About B2K Development
B2K Development is a fully integrated real estate development firm, boasting a diverse portfolio of properties. The team is comprised of highly-skilled development, construction, and management professionals who work together seamlessly, using their extraordinary collective ability to reimagine what’s possible and apply experienced know-how to develop, build, and manage new communities and commercial properties.

MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com

Harrison Street Media Contact:
Harrison Street
Doug Allen 
Dukas Linden Public Relations
Harrisonstreet@dlpr.com
+1 (646) 722-6530