Kayne Anderson Real Estate, the real estate investment arm of Kayne Anderson Capital Advisors that includes its debt platform, Kayne Anderson Real Estate Debt (KARED), and Synovus Bank today announced the closing of a $1.3 billion sale of Synovus’s medical office loan portfolio (the loan portfolio) to KARED.
The loan portfolio consists of 106 floating-rate mortgages secured by 308 medical office building (MOB) properties. The properties span 33 states across the United States and are sponsored by a number of blue-chip institutional MOB investors. With approximately 35 percent of the properties anchored by hospital systems, the portfolio — which totals just under 13 million net rentable square feet — is 92.3 percent leased on a long-term basis with a weighted average remaining lease term of nine years.
“As we disclosed during our second quarter earnings call, we believe exiting this line of business will be meaningful for the bank as the capital and liquidity fr
