GE Commercial Finance Healthcare Financial Services Closes $40 Million Financing Deal With Formation Capital, LLC
Posted on: Thursday, 10 November 2005, 09:00 CST
GE Commercial Finance Healthcare Financial Services has provided a $40 million five-year term loan to an entity related to Formation Capital, LLC, an Alpharetta, Ga.-based firm that invests equity in the senior housing and care industry. The firm also tapped the GE group to recapitalize two portfolios.
"We are pleased that Formation Capital continues to look to GE Commercial Finance Healthcare Financial Services to deliver both large and small structured financing arrangements," said Jason McMeen, senior vice president for GE Commercial Finance Healthcare Financial Services long-term care group. "Our industry expertise and financial strength enabled us to evaluate the risk of this diverse portfolio, and quickly structure a transaction to meet the specific needs of our customer."
Formation Capital utilized the term loan to acquire seven skilled nursing facilities. It also recapitalized two existing GE portfolios, structured with new five-year loan terms, totaling an additional $55 million - a move that will help return equity to investors.
About GE Commercial Finance Healthcare Financial Services
GE Commercial Finance Healthcare Financial Services is a provider of capital, financial solutions, and related services for the global healthcare market. With over $13 billion of capital committed to the healthcare industry, GE Commercial Finance Healthcare Financial Services offers a full range of capabilities from equipment financing and real estate financing to working capital lending, vendor programs, and practice acquisition financing. With its knowledge of all aspects of healthcare from hospitals and long-term care facilities to physicians' practices and life sciences, GE Commercial Finance Healthcare Financial Services works with customers to create tailored financial solutions that help them improve their productivity and profitability. For more information, visit www.gehealthcarefinance.com.
Source: Business Wire
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