Kayne Anderson Acquires $1.3B MOB Loan Portfolio from Synovus
Kayne Anderson Real Estate and Synovus Bank have closed on the $1.3-billion sale of Synovus’s medical office loan portfolio to Kayne Anderson Real Estate Debt. The loan portfolio includes 106 floating rate mortgages secured by 308 medical office building properties.
JLL Capital Markets advised Synovus in the sale. The team included Will Sledge and Kyle Kaminski from JLL’s Loan Sale Advisory team in tandem with Ted Flagg and Dan Freese from JLL Securities’ M&A and Corporate Advisory Team.
“This transaction proves, to the client’s credit, that liquidity not only remains for secondary loan sale offerings but is especially prevalent for high quality portfolios,” said Sledge.
The properties span 33 states across the U.S. and are sponsored by a number of blue-chip institutional MOB investors. With approximately 35% of the properties anchored by hospital systems, the portfolio – which totals just under 13 million net rentable square feet – is 92.3% leased on a long-term basis with a weighted average remaining lease term of nine years.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).