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 properties across 33 states in the U.S.
JLL Capital Markets acted as advisor for Synovus during 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, especially when dealing with high-quality portfolios.”
The properties included in the portfolio are sponsored by reputable institutional investors in the medical office building (MOB) sector. Approximately 35% of these properties are anchored by hospital systems, making up just under 13 million net rentable square feet. With an impressive occupancy rate of 92.3%, these leases have an average remaining term of nine years on long-term agreements.
