JLL's Loan Sales and
M&A teams led sales efforts for the medical office
portfolio spanning 33 states across the U.S.
NEW
YORK, Sept. 19, 2023 /PRNewswire/ --
JLL's Capital Markets group announced today that as
exclusive advisor to Synovus Financial Corp., it worked to arrange
the sale of a $1.3 billion medical
office loan portfolio to Kayne Anderson Real Estate.
The portfolio consists of 106 floating-rate mortgages secured by
308 best-in-class medical office ("MOB") properties. The properties
are sponsored by a number of blue-chip institutional MOB investors.
With approximately 35% of the properties anchored by hospital
systems, the portfolio totals just under 13 million net rentable
square feet and is 92.3% 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 from the sale will allow us to
pay down higher-cost wholesale funding in the near term and improve
our net interest margin and wholesale funding ratio," said
Jamie Gregory, Chief Financial
Officer, Synovus. "In addition, by reducing risk-weighted assets,
we expect to accelerate our path to targeted capital levels."
"As one of the leading investors in medical office properties
both as an owner and lender, our deep experience and tenured team
in the sector equipped us to thoroughly evaluate this opportunity
and move with speed and certainty to close," said Al Rabil, Chief Executive Officer, Kayne
Anderson Capital Advisors and co-founder and CEO, Kayne Anderson
Real Estate.
"We crafted a creative capital solution to purchase this
attractive medical office portfolio from Synovus and expand our
real estate debt platform," added David Selznick, Chief Investment
Officer at Kayne Anderson Real Estate.
"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
Will Sledge, Co-Head of JLL's
Loan Sales team.
"Synovus' portfolio sale and continued working relationship with
Kayne Anderson highlights the
success that can be achieved by an integrated M&A and product
specialist advisory team with expertise across public and private
company clients evaluating highly-strategic decisions," added
Ted Flagg, Senior Managing Director
in JLL's M&A and Corporate Advisory team.
The JLL Capital Markets advisory 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.
JLL Capital Markets group is a full-service global provider of
capital solutions for real estate investors and occupiers. The
group's in-depth local market and global investor knowledge
delivers the best-in-class solutions for clients — whether
investment sales and advisory, debt advisory, equity advisory or a
recapitalization. The group has more than 3,000 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit
JLL's newsroom.
About Kayne Anderson Real Estate
Kayne Anderson Real
Estate is a leading real estate investment firm, managing over
$14 billion in assets under
management across opportunistic equity, core equity, and real
estate debt, with sector expertise in medical office, seniors
housing, off-campus student housing, multifamily housing, and
self-storage. Kayne Anderson Real Estate is part of Kayne Anderson
Capital Advisors, L.P., a $32 billion
alternative investment management firm with more than 39 years of
successful experience in the real estate, renewable and energy
infrastructure, energy, credit, and growth capital sectors. For
more information, visit https://kaynecapital.com/real-estate/.
About Synovus
Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides
commercial and consumer banking in addition to a full suite of
specialized products and services, including private banking,
treasury management, wealth management, mortgage services, premium
finance, asset-based lending, structured lending, capital markets
and international banking. Synovus has branches in Georgia, Alabama, South
Carolina, Florida and
Tennessee. Synovus is a Great
Place to Work-Certified Company and is on the web at synovus.com
and on Twitter, Facebook, LinkedIn and Instagram.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial
real estate and investment management company, has helped clients
buy, build, occupy, manage and invest in a variety of commercial,
industrial, hotel, residential and retail properties. A Fortune
500® company with annual revenue of $20.9 billion and operations in over 80 countries
around the world, our more than 103,000 employees bring the power
of a global platform combined with local expertise. Driven by our
purpose to shape the future of real estate for a better world, we
help our clients, people and communities SEE A BRIGHTER
WAYSM. JLL is the brand name, and a registered
trademark, of Jones Lang LaSalle Incorporated. For further
information, visit jll.com.
Contact: Alli Semans, Public Relations,
Associate
Phone: +1 330 329 6750
Email: Alli.Semans@jll.com
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SOURCE JLL