06/04/2015
Citizens Bank provides $28.5 million construction loan for new hospital facility
BROOMFIELD, CO – Citizens Bank announced today that it has closed a $28.5 million loan to ElmTree Funds in partnership with developer Venture Medical Holdings, LLC for the construction of a new hospital facility to be operated by First Choice ER, a subsidiary of Adeptus Health.
The 76,770-square-foot, three-story hospital, scheduled to open in May 2016, will be built on a 5.2-acre parcel at the southwest corner of U.S. Route 36 and 120th Avenue in Broomfield. The hospital will have 52 inpatient beds, a full-service emergency department and a surgical center with three operating rooms.
Formed in May 2013, St. Louis-based ElmTree Funds focuses on single-tenant properties with more than 77 properties owned or under development.
Central Florida-based Venture Medical Holdings, LLC was formed in 2014 to focus on the roll-out of First Choice ER’s boutique hospital program.
First Choice ER is the largest freestanding emergency room system in the United States and has a total of 64 facilities in Texas, Colorado and Arizona.
“This transaction continues our strong relationship with Citizens Bank,” said James G. Koman, Managing Principal and Founder of ElmTree Funds. “Citizens is a valuable financial partner to ElmTree Funds on a number of projects and we look forward to working with them more in the future.”
“ElmTree is a great client with an excellent business operation,” said Gary Magnuson, Head of Commercial Real Estate Finance at Citizens Bank. “We are very pleased to work with ElmTree management to help them achieve their strategic and financial goals.”
For more information, please go to the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $136.5 billion in assets as of March 31, 2015. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
