BMO Harris Healthcare Real Estate Finance acts as Sole Lender of $18.6 Million Facility for Kayne Anderson.
BMO Harris Bank’s Healthcare Real Estate Finance group announced that it closed an $18.6MM acquisition financing for Kayne Anderson Real Estate Advisors (KAREA) and MBRE Healthcare (MBRE) for a 55k sq. ft newly constructed Medical Office Building in Chicago, Illinois. The Property is 100% leased to Advocate Health and Hospitals Corporation, a subsidiary of the Advocate Healthcare Network, which is the largest health system in Illinois.
At the Property, Advocate will operate a primary care and multi-specialty clinic, along with a full range of diagnostic, imaging, and laboratory services. A portion of the Building will be used for immediate care, with the remaining space being used by Advocate Heart Institute and Advocate Children’s Health for clinic offerings. Since 2007, KAREA has been investing in niche real estate sectors including senior housing, medical office and student housing. KAREA and MBRE own more than 10 million square feet of medical office space, and together, are the second largest private buyer of medical office assets since 2013.
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