CHICAGO--(BUSINESS WIRE)--May 16, 2006--GE Healthcare Financial Services has provided a $175 million senior secured facility for Sunwest Management, Inc., a Salem, Ore., based senior housing owner/operator that manages more than 180 properties nationwide.
Through the transaction, GE arranged a seven-year term loan for Sunwest to refinance 26 assisted living properties. The deal structure enabled Sunwest to reduce its cost of capital and greatly improve the cash flow of the portfolio operated by the borrower.
"GE's team worked with us to create a forward looking financing approach that complemented our long-term business strategy," said Dan Hill, Vice President of Finance for Sunwest. "They helped us tailor a customer-focused financing agreement that will well-position Sunwest for future growth."
GE Healthcare Financial Services, which completed more than $1 billion in long-term care deals in 2005, works with seven of the 10 largest assisted living providers, as ranked by Provider magazine, including Sunrise Senior Living, Emeritus and Leisure Care.
"After working with senior housing operators during the recent downturn, GE Healthcare Financial Services is poised to help clients capitalize on the increasingly favorable market conditions," said John Cobb, senior managing director of real estate for GE Healthcare Financial Services. "We will continue developing innovative, customized financing arrangements that help operators achieve their business objectives."
About GE Healthcare Financial Services
GE Healthcare Financial Services is a provider of capital, financial solutions, and related services for the global healthcare market. With over $15 billion of capital committed to the healthcare industry, GE 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 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.
Contacts
GE Healthcare Financial Services
Media Contact:
Deia Campanelli, 312-441-6169
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Britta Kons
GE Healthcare Global Services
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1-203-400-1892