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Medical real estate company purchases Columbia treatment center for $31M

Real Estate - Commercial
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A Nashville-based medical real estate company has purchased a Columbia cancer treatment center for $31 million.

First Citizens Bank recently announced that its Healthcare Finance group provided $31.2 million to Montecito Medical Real Estate to finance its purchase of a treatment center leased to South Carolina Oncology Associates, according to a news release.

The treatment center is located at 166 Stoneridge Drive in Columbia.

The oncology practice is the largest private oncology practice in the state, providing a range of cancer services in one location including medical, radiation and gynecological oncology services along with patient support services.

Montecito Medical is a privately held company specializing in healthcare-related real estate acquisitions and partnering with providers and developers to fund development of medical and veterinary real estate. Since 2006, Montecito has completed transactions involving more than $5 billion in medical real estate.

“The cancer treatment center provides essential services to the greater Columbia community and is strategically located between two major medical corridors and surrounded by a number of hospitals,” said Montecito CEO Chip Conk. “We appreciate the expertise provided by First Citizens in arranging financing for this valuable addition to our medical real estate portfolio.”

Healthcare Finance, part of First Citizens’ CIT division, provides comprehensive financing and banking solutions to middle market healthcare companies around the country.

Christina Lee Knauss is a contributing writer for SC Biz News.

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