GE Capital Provides $48.5 Million Financing for Acquisition of Four Senior Care Facilities in Arizona
May 27 2015 - 8:00AM
Business Wire
GE Capital’s Healthcare Financial Services (HFS) business
announced today that it was the administrative agent and a lender
on a $48.5 million financing to a joint venture among LTC
Properties Inc., Silverstone Healthcare Real Estate and Senior
Lifestyle Corp. The funds were used for the acquisition of four
senior housing facilities in Arizona owned by LSREF Sun Devil REIT,
Inc. HFS has already provided $46 million of initial funding.
Three of the buildings being acquired are part of the Amethyst
Campus in Peoria, AZ, which consists of independent living,
assisted living and memory care units. The other property is
Emerald Springs, a 148-unit assisted living and memory care
facility in Yuma, AZ.
“HFS was able to strike a good balance between pricing and
leverage,” said Stephanie Anderson, principal and co-founder of
Silverstone, “and we were confident in their ability to close this
transaction due to their expertise and knowledge of the healthcare
industry.”
“This is a case where we had longstanding relationships with the
both buyer and the seller,” said James Seymour, senior managing
director of GE Capital, Healthcare Financial Services’ real estate
financing team. “I’m pleased that we were able to leverage our
experience and relationships to meet the tight closing timeframe
required by the parties.”
About GE Capital, Healthcare Financial Services
GE Capital’s Healthcare Financial Services (HFS) business is one
of the most active capital providers in the U.S. healthcare market,
providing more than $10.5 billion in financing across more than 240
transactions in 2014.
Customers across 45 healthcare sectors — including senior
housing, hospitals, medical offices, outpatient services,
pharmaceuticals and medical devices — rely on HFS to finance
acquisitions, refinance existing debt, support working capital
needs and fund growth initiatives. With in-depth industry knowledge
and expertise, the HFS team of professionals creates financial
solutions tailored to meet the individual needs of its customers.
For more information, visit www.gecapital.com/healthcare or follow
company news via Twitter (http://twitter.com/GELendLease). GE
Capital offers customers around the globe an array of financial
products, services and insights to help them grow their
businesses.
GE (NYSE: GE) imagines things others don’t, builds things others
can’t and delivers outcomes that make the world work better. GE
brings together the physical and digital worlds in ways no other
company can. In its labs and factories and on the ground with
customers, GE is inventing the next industrial era to move, power,
build and cure the world. www.ge.com
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version on businesswire.com: http://www.businesswire.com/news/home/20150527005101/en/
GE Capital, Healthcare Financial ServicesMaria C.
Moreno301-664-9859mariac.moreno@ge.comorGE CapitalLisa
Tibbitts203-956-4582lisa.tibbitts@ge.com
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