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By Webster Bank
Webster Bank’s Healthcare CRE and Middle Market team served as joint lead arranger on a $255,492,000 five-year financing to joint venture partners Kayne Anderson Real Estate and Remedy Medical Properties. The financing supported the financing of 20 Class-A stabilized medical office properties totaling 888,881 rental square feet and 96% NNN leased to one of the premier health systems in the Southeast. The transaction optimized the real estate assets and provided significant liquidity to the healthcare system while reinforcing the system’s mission to deliver quality healthcare services across the region.
Jim Coffey, Director, Capital Markets at Kayne Anderson noted that, “As joint lead arranger, Webster Bank stepped up with a significant underwriting commitment to facilitate a seamless execution of the debt financing including flexibility to close and fund in multiple tranches to accommodate optimal funding of the portfolio properties.”
Kayne Anderson Real Estate, together with strategic joint venture operating partner Remedy Medical Properties, are the largest private owners of healthcare real estate in the country. Their longstanding partnership combines Kayne Anderson’s real estate capital capabilities and Remedy’s operational expertise to unlock value and drive growth and innovation in the medical real estate sector.
“Webster Healthcare is proud to partner with our valued clients Kayne Anderson and Remedy Medical Properties on this marque transaction,” said Steven Dowe, Senior Managing Director and Head of Healthcare CRE and Middle Market Banking at Webster Bank. “The transaction demonstrates Webster Healthcare’s commitment to the healthcare industry and reputation as a trusted partner and strategic source of capital for outpatient medical properties in the United States. We look forward to supporting future growth opportunities with this joint venture.”
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About Kayne Anderson Real Estate
Kayne Anderson Real Estate is a leading real estate investment firm, managing approximately $17 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, a $36 billion alternative investment management firm with more than 40 years of successful experience across real estate, infrastructure, energy, and credit. For more information, visit www.kayneanderson.com/real-estate/.
About Webster
Webster Bank (“Webster”) is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and Healthcare Financial Services, one of the country’s largest providers of employee benefits and administration of medical insurance claim settlements solutions. Webster is a values-driven organization headquartered in Stamford, CT, with $77 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.
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