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First Citizens Bank Arranges $99.3 Million For Kayne Anderson Real Estate And Remedy Medical Properties Joint Ventures

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First Citizens Bank today announced that its Healthcare Finance business completed two transactions totaling $99.3 million with joint ventures managed by Kayne Anderson Real Estate and Remedy Medical Properties.

One joint venture received $75 million in loan proceeds for the acquisition of a surgical hospital, Baylor Scott & White Medical Center, located in Frisco, Texas. The property is fully leased to Frisco Medical Center and includes 68 inpatient beds and 11 operating rooms.

Another joint venture received $24.3 million in loan proceeds for the refinancing of two medical office buildings in Mississippi. The properties are located in Flowood and Vicksburg, Mississippi. Both properties are 100% occupied by GI Associates & Endoscopy Center.

“These medical office buildings are modern facilities in attractive locations, easily accessed by healthcare patients and providers,” said Antonio Minchella, senior managing director – Medical Office at Kayne Anderson. “We appreciate First Citizens’ agility and expertise in arranging medical office financing.”

“Kayne Anderson Real Estate and Remedy Medical Properties are well-known as leading investors in medical office buildings and other specialty real estate,” said William Douglass, managing director and group head for First Citizens Bank’s Healthcare Finance business. “We are excited to support Kayne Anderson and Remedy’s joint ventures as they continue to grow their business.”

“We are pleased to work with Kayne Anderson Real Estate and Remedy Medical Properties to arrange the financing for these Class A medical properties that provide essential services within their communities,” said Steven Reedy, the managing director and head of medical office banking for First Citizens.

First Citizens Healthcare Finance provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. Using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for growth capital.

 

Source: yahoo!finance

Eight-Building MOB Portfolio In Florida, Texas, Tennessee And North Carolina Sells For $91 Million

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Dallas-based CBRE has brokered the $91 million sale of an eight-building medical office portfolio across four states in the Southeast and Texas.

A joint venture between Chicago-based Remedy Medical Properties and Boca Raton, Fla.-based Kanye Anderson Real Estate purchased the properties. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Cole Reethof, Sabrina Solomiany and Zach Holderman of CBRE represented the seller, Los Angeles-based Spruce Healthcare, in the transaction.

The 177,000-square-foot portfolio includes five properties in Florida and one each in Texas, North Carolina and Tennessee. The portfolio was fully leased at the time of sale with 11 years of weighted average lease terms remaining. Two-thirds of the overall tenancy features orthopedics, oncology and imaging practices. Other specialties include ophthalmology and dermatology, both of which include ambulatory surgery centers.

 

Source: REBusiness Online