LAS VEGAS, April 24, 2012 (GLOBE NEWSWIRE) -- City National Bank, Nevada's Premier Private and Business Bank®, today announced that it has funded a credit facility totaling over $13.2 million to Wild West Investment Partners III, LLC. The credit facility funded two loans that refinanced a multi-tenant office building owned by a group of orthopedic surgeons who are partners in Nevada Orthopedic & Spine Center, one of the largest orthopedic groups in southern Nevada. The facility is located at 1505 Wigwam Parkway in Henderson near the I-215 and Stephanie Road.
(For an image related to this story, go to https://www.cnb.com/PublishingImages/NV-Orthopedic.jpg.)
The size of the facility totals more than 71,000 square feet of leasable space. Nevada Orthopedic & Spine Center, LLP has occupied 25 percent of the building since expanding to Henderson in 2007. The remaining space is occupied by other healthcare providers such as a prominent hospital group and well-known cancer treatment center.
"We are very excited to be a part of the City National family of satisfied clients in Nevada, and to now have access to the numerous resources they have tailored to the healthcare industry," said Avi Schlesinger, chief executive officer of Nevada Orthopedic & Spine. "City National's healthcare payment solution product is a great example of the bank's expertise in helping healthcare professionals become more efficient and green at the same time."
This dedicated healthcare product allows doctors, dentists or any healthcare provider to fully automate and streamline the check-in process of patients using a mobile device. This device replaces clipboards, electronically verifies patient insurance, automates payment, increases collection of revenue, and much more.
"With rising healthcare costs, City National is providing us with the innovative tools and resources we need to be more competitive and successful. In addition to the healthcare payment solution product, we were able to obtain more favorable terms and conditions on our credit facility, while establishing a relationship with a quality bank and banking professionals. City National is providing us with the financial solutions we need to continue to grow and expand our business," Schlesinger said.
The Henderson location is just one of two facilities Nevada Orthopedic & Spine own and operate in southern Nevada. The other facility is located in the Summerlin area at 2650 N. Tenaya Way. Nevada Orthopedic & Spine employs a total of 120 doctors, nurses and administrative staff at both locations. For more information about Nevada Orthopedic & Spine, visit the company's Website at www.nevadaorthopedic.com.
"Nevada Orthopedic & Spine exemplifies our healthcare business strategy and the wonderful partnerships we're developing with a growing number of healthcare professionals in Nevada," said Larry Charlton, Nevada regional executive of City National Bank. "The healthcare industry is one of several industries we have developed a specific set of products and services tailored to meet the needs of an ever changing and highly regulated industry."
Charlton added that Bill Oakley in the bank's Commercial Banking Services group, along with numerous other areas and colleagues throughout the bank, did a tremendous job staying on top of this credit deal and making sure it closed. The deal had a lot of complexities and sophistication, which only a handful of banks in this market have the expertise and wherewithal to do, according to Charlton.
In an effort to keep up with the changing regulations in the healthcare industry, City National has trained a number of its relationship managers in all areas of the bank to be Certified Healthcare Bankers. This lengthy process and professional designation is highlighted on business cards and denotes that City National bankers know and understand the regulations governing this industry. City National now has 13 colleagues in Nevada who are Certified Healthcare Bankers, with more being trained and certified all the time.
About City National
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE:CYN). It is backed by $24.0 billion in total assets, and provides banking, investment and trust services through 79 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Tenn., and Atlanta. The company and its investment affiliates manage or administer $57.8 billion in client investment assets, including $32.5 billion under direct management.
City National has nine branch offices in Nevada, including five in Las Vegas and one each in North Las Vegas, Reno, Carson City and Minden. The bank also has a loan production office at Stateline in South Lake Tahoe.
For more information about City National, visit the company's Website at cnb.com.
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