Montecito Medical receives $50.3M for medical office building recapitalization

First Citizens Bank has provided $50.3 million in financing to Montecito Medical Real Estate to recapitalize a medical office building portfolio. 

The recapitalized portfolio includes 200,000 square feet of rentable medical office building space in three states. The properties serve a wide range of medical specialities, including orthopedics and gastroenterology. 

"We're pleased to add these seven properties, which are spread across a number of growing locations, to our overall portfolio," Chip Conk, CEO of Montecito, said in a Feb. 21 press release. 

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