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Kayne Anderson Buys $1.3B Medical Office Building Loan Portfolio

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Kayne Anderson Real Estate, the real estate investment arm of Kayne Anderson Capital Advisors, has acquired from Synovus Bank a $1.3 billion medical office loan portfolio.

The purchase was made through the company’s debt platform, KARED, launched in 2015 and which has closed on more than $11 billion since. JLL Capital Markets represented Synovus Bank in the transaction.

The 13 million-rentable-square-foot portfolio spans 33 states and includes 106 floating-rate mortgages secured by 308 medical office building assets. The properties, sponsored by blue-chip institutional investors, are 92.3 percent leased on a long-term basis with an average remaining lease term of nine years and 35 percent of them are anchored by hospitals.

Since its founding in 2007, Kayne Anderson Real Estate has amounted a portfolio of assets under management valued at $14 billion and has completed more than $24 billion of gross investments across its equity and debt strategies. The company’s target sectors include medical office buildings, student and senior housing, as well as attainable housing. With this recent acquisition, the company’s focus is on diversifying its portfolio and scaling its platform, according to prepared remarks from Al Rabil, co-founder & CEO of Kayne Anderson Real Estate.

KA Real Estate has acquired some 25 million square feet of medical office space that spans 579 properties across 41 states since 2013. The company’s involvement in health-care real estate is strongly tied to its partnership with Remedy Medical Properties.

In the last couple of years, the two companies made several significant purchases through a joint venture. In early 2022, Remedy Medical Properties, Kayne Anderson Real Estate and MedProperties Realty Advisors LLC formed a $350 million-plus partnership to recapitalize a 23-asset health-care real estate portfolio that encompasses more than 1 million square feet, spread across 11 states.

The partnership kicked off 2023 with another deal, that included the acquisition of Project Prism, a collection of 13 medical office properties in eight states, totaling 300,328 square feet. Montecito Medical Real Estate sold that portfolio for $131 million.

 

Source: Commercial Property Executive

Caddis Healthcare Building 60K-Sq-Ft Medical Office In The Dallas-Fort Worth Suburb Of Frisco

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One of the state’s largest medical-facility developers is bringing a new medical office to the DFW suburb of Frisco.

Caddis Healthcare Real Estate, whose portfolio includes over $1 billion in acquisitions and developments across the Lone Star State, is set to build a three-story, 60,000-square-foot medical office in Frisco for $12 million.

The project will start construction at the beginning of next year and is expected to be finished in early 2024. It will include a three-story core building and a shell medical building for staff and equipment ready for a tenant-specific buildout.

Investment in Texas healthcare real estate is hot this year. BMO Harris and Synovus Bank just provided $200 million in funding for a joint venture between Dallas-based Big Sky Medical and Bahraini investor GFH back in August. That project will include 13 medical office buildings across Texas and seven other states.

South Florida investor Salvan Capital also purchased a Dallas medical center for $7 million earlier this year to expand its now $26 million national medical portfolio.

Caddis currently has over 80 assets under management across Texas totaling 5 million square feet, across the state’s major metros.

 

Source: The Real Deal