Kayne Anderson, Remedy Medical acquire $151.9M medical facility in Borough Park, part of $6B purchase

Kayne Anderson and Remedy Medical Properties through the entity Mocha Mp Holdco I Wrk7, LLC acquired from Welltower Inc. through the entity Welltower Healthcare Venture Properties LLC the medical building (I9) at 4813 9th Avenue in Borough Park, Brooklyn, valued at $151.9 million. The purchase is part of a $6 billion sale of a Welltower medical portfolio to Kayne Anderson and Remedy Medical Properties, which The Real Deal reported on in October.
The deal closed on November 21, 2025 and was recorded on December 5, 2025. The Borough Park property has 206,714 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $734 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
A press release from October announcing the transaction said the entire sale covered 18 million square feet: “The portfolio comprises approximately 18 million square feet across 296 properties in 34 states, and this acquisition establishes the Remedy and Kayne Anderson Real Estate partnership as the nation’s largest owner of outpatient medical buildings, with more than 52.4 million square feet across approximately 1,104 properties in 44 states… Welltower will retain a preferred equity position and a profits interest…” Remedy and Kayne lease space to medical tenants.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kayne Anderson had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Welltower Inc. had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Borough Park has 206,714 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 145 feet and is 200 feet deep with a total lot size of 29,146 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $47.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,750 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 2.4 times the average sales volume among other neighborhoods with $733 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Borough Park has had very little major development activity relative to other neighborhoods.It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 10 commercial properties representing 461,017 square feet of the 498,667 square feet. The identified owner is Maimonides Medical Center.
There are no active new building construction projects on this tax block.

The majority, or 98 percent of the 498,667 square feet of built space are specialty buildings, with office buildings next occupying 2 percent of the space.

The seller

The PincusCo database currently indicates that Welltower Inc. owned at least one commercial property with 52 residential units in New York City with 511,325 square feet and a city-determined market value of $122 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Kayne Anderson owned at least one commercial property in New York City with 356,000 square feet and a city-determined market value of $68.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single hotel property. It is located in Brooklyn.

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