A joint venture between Kayne Anderson Real Estate and Remedy Medical Properties has received $27.8m to acquire a surgical hospital and medical office building portfolio that is located in Wichita, Kansas in the US.
The funding was provided by First Citizens Bank division CIT’s Healthcare Finance business.
Kayne Anderson Medical Office senior managing director Antonio Minchella said: “Located in Wichita’s medical corridor, the surgery center and medical office building within this portfolio are providing essential services to community members who benefit from having a surgical hospital and pain centre in the same complex.
“We appreciate working with the knowledgeable and efficient team at CIT Healthcare Finance to arrange financing for our acquisition of this valuable portfolio.”
The JV will acquire the portfolio that includes Kansas Spine & Specialty Hospital and Abay Medical Plaza.
Kansas Spine & Specialty Hospital is serving as a regional centre for diagnosing and providing treatment for disorders of the spine, neck and joints.
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Abay Medical Plaza is leased to four tenants. Abay Neuroscience Center is the largest tenant and the second largest tenant is the Pain Center at Kansas Spine & Specialty Hospital.
CIT Healthcare Finance managing director and group head William Douglass said: “Kayne Anderson Real Estate and Remedy Medical Properties are experienced real estate investors and well-known for their high-quality portfolios of medical office buildings. We are proud to help contribute value to their business plans alongside financing.”
The Healthcare Finance unit of CIT provides banking and financing solutions to middle market healthcare companies in the US.