GE Capital Provides $48.5 Million Financing for Acquisition of Four Senior Care Facilities in Arizona
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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