JLL arranges $1.3 billion medical office loan portfolio sale for Synovus Financial Corp.

  

 Jamie Gregory

 NEW YORK, NY, Sept. 19, 2023 –  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.

 

 Al Rabil

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.”

 David Selznick,

“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.

 Will Sledge

“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 team with expertise advising public and private companies 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.

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.

Kyle Kaminski

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. 

Ted Flagg 

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. 

Dan Freese

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 WAY^SM. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

 Contact:

           

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

Hold-Thyssen Closes on Multi-Year Leases for Systems Engineer and CPA Firms at Upscale Phillips Place in SW Orlando

Darby Hold

ORLANDO, FL--- Hold-Thyssen, Inc. a full service commercial real estate services firm headquartered in Winter Park, brokered two multi-year leases at Phillips Place, 7575 Dr. Phillips Blvd. in southwest Orlando.

 

Prism Systems, Inc., with more than 30 years of experience providing systems design and state-of-the-art software systems to Fortune 500 companies, completed a long-term agreement for 3,901 rentable square feet in suites 200 and 210.

Phillips Place, 7575 Drive. Phillips Boulevard,
 southwest Orlando.

 

John E. Russi, CPA, PA, a full service independent public accounting firm completed a long-term agreement for suite 320 with 1.670 rentable square feet.

 

Darby Hold, Senior Director for Hold-Thyssen, Inc. brokered the transactions on behalf of Landlord Financial Way Realty, Inc.,    

 

The 56,000-square-foot upscale office building is currently 95 percent occupied.

 

 

 Contacts:

           

Robert P. Hold,

Principal,

 Hold-Thyssen, Inc.

 407-691-0505, 

bhold@HoldThyssen.com

 

Beth Payan, Larry Vershel Communications Inc.

 407-461-3781

 beth@larryvershel.com  

  

 

JLL Capital Markets closes $8 million sale of a 23,598-square-foot shopping center located adjacent to a regionally dominant Whole Foods in Thousand Oaks, CA

SOLD: a 23,598-square-foot retail center
located in Thousand Oaks, CA
adjacent to a well-performing
 Whole Foods (NAP)

 

 Irvine, CA – JLL Capital Markets has closed the $8 million sale of a 23,598-square-foot retail center located in Thousand Oaks, California adjacent to a well-performing Whole Foods (NAP).

 

JLL represented the private seller, and procured the buyer, Black Lion Investment Group.

Built in 1979, the property is currently 57% leased to a mix of food and service-based tenants, including VCA Animal Hospital, Fatburger, Tae Kwon Doe, Conejo Swimwear, Alex the Tailor, Wild Birds and Lavish Nails & Spa.

 

 The property is shadow anchored by a Whole Foods, which serves as the only Whole Foods in a 10-mile radius and attracts over 890,000 annual visits.

Daniel Tyner

Situated at 692 N. Moorpark Rd., the property is located off of State Route 101 and is set directly across from the regionally dominant Janss Marketplace, the #1 ranked lifestyle center within a 15-mile radius. 

Average household income within a five-mile radius is $157,568, 95% higher than the California average of $80,440, and the population within a five-mile radius is 135,378, creating an ample supply of affluent customers.

 

The JLL Retail Capital Markets team was led by Senior Director Daniel Tyner, Managing Directors Geoff Tranchina and Gleb Lvovich.

 

“This property presented a unique opportunity for a buyer to add value to a well-located, grocery-anchored retail center in a highly affluent market of Southern California. We are pleased to have worked alongside the seller who originally developed the property in 1979 and look forward to seeing the property continue to thrive with new ownership,” said Tyner.

Geoff Tranchina 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

 

Contact:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

 

 

 

Deason Husband and Wife Team Up on Operations at DeVore Capital in Jacksonville, FL

Wesley (Wes) Deason and wife Anke Deason

 

Jacksonville, FL – Wesley (Wes) Deason has joined construction, real estate, and development firm DeVore Capital as chief operating officer and his wife Anke Deason has taken the helm as the company’s vice president of operations.

Wes Deason brings more than 10 years of experience in the construction industry and was previously the owner of Str8Line Consulting and has been working as a consultant with DeVore Capital since 2020.

Anke Deason has more than 25 years of sales and management expertise, which includes more than 10 years of experience in the roofing industry.

Scott DeVore.

“Wesley’s visionary leadership and strong business acumen will help us guide our organization towards sustained growth and success, and he has a passion in providing excellent customer service and helping homeowners with their roofing needs,” said DeVore Capital CEO Scott DeVore. 

“Meanwhile, Anke is an accomplished leader with a solid history of achievement in office operations, customer service, sales and marketing, account management and relationship building. 

"With their combined scope of knowledge in business operations, they both make a great addition to our management team.”

Wesley Deason began his construction career in 2012, working in sales at a major roofing company in Jacksonville – where he eventually served as director of sales for more than three years. 

He continued to work as an independent salesperson for area roofing companies while working on a variety of residential projects before forming his own consulting firm in 2020.

Anke Deason previously served as a paralegal assistant and office manager for several law firms in Northeast Florida. Prior to that, she gained extensive experience in roofing and construction operations, marketing and project management – at one time responsible for sales support, strategy development/execution and customer service center operations for a $24 million roofing company.

DeVore Capital Contracting Consulting Inc. (DeVore Capital) was founded in 2013 as a management consultancy in Los Angeles and relocated its headquarters to Jacksonville, Florida in 2016. The firm specializes in providing niche general and roofing contracting, construction management, real estate brokering, development, and business consulting services.

Company CEO and founder, Scott DeVore, began his career in 2001 working for large construction and engineering companies (Bechtel, Jacobs), a government defense contractor (Sierra Nevada Corp), and a Fortune 500 healthcare company (DaVita) before launching DeVore Capital.

Contact: 

Ron Whittington;

 ron@whittingtonpr.com; 

(904) 563-0402