Kayne Anderson Real Estate and Synovus Bank have successfully completed the sale of a $1.3-billion medical office loan portfolio to Kayne Anderson Real Estate Debt. The portfolio consists of 106 floating rate mortgages secured by 308 medical office buildings located across 33 states in the U.S.
JLL Capital Markets provided advisory services to Synovus for this transaction, with Will Sledge and Kyle Kaminski from JLL’s Loan Sale Advisory team working alongside Ted Flagg and Dan Freese from JLL Securities’ M&A and Corporate Advisory Team.
According to Sledge, “This deal is a testament to our client’s ability to secure liquidity for secondary loan sales, particularly for high-quality portfolios.” The properties included in the portfolio are sponsored by top institutional MOB investors, with approximately 35% anchored by hospital systems. With a total net rentable square footage of just under 13 million square feet, the properties are currently leased at an impressive rate of over 92%, with an average remaining lease term of nine years.
The acquisition was made possible through collaboration between Kayne Anderson Real Estate Debt and Synovus Bank without any involvement from Connect CRE or its affiliates based in LA or Texas.
