CHICAGO--(BUSINESS WIRE)--GE Healthcare Financial Services, KMF Senior Housing Investors, L.L.C. and Senior Lifestyle Corporation today announced the formation of a new joint venture that has completed a $280 million acquisition of four senior housing communities located in Ill., Ohio and Colo. The communities were purchased from a joint venture between affiliates of Senior Lifestyle Corporation and Walton Street Capital, L.L.C.
The four communities comprise 1,256 units/beds across a continuum of care, including independent living, assisted living, Alzheimer's care and skilled nursing care. Current combined occupancy at the four communities is approximately 90 percent. Senior Lifestyle Corporation will manage the communities on behalf of the joint venture.
"We are excited to form this new joint venture with KMF Senior Housing Investors and Senior Lifestyle Corporation and to expand our equity investments in the growing long-term care arena," said Thad Wilson, senior vice president of equity for GE Healthcare Financial Services. "We will continue developing innovative, customized financing solutions that help our customers meet their evolving business needs."
"KMF is pleased to be investing in these high quality senior housing assets with such an accomplished operator and healthcare-focused equity provider," said James Smith, managing principal of KMF Senior Housing Investors. "We believe these senior housing properties will provide excellent investment performance as a result of the superior management, strong economic fundamentals and demographics that are propelling the senior housing sector."
"Senior Lifestyle Corporation is pleased to enter into this joint venture with GE Healthcare Financial Services and KMF Senior Housing Investors, both very strong financial organizations that are committed to the senior housing industry," said William B. Kaplan, chairman of Senior Lifestyle Corporation. "The four communities in this acquisition have been part of the Senior Lifestyle family for over 30 years, and we look forward to a successful new relationship in the ownership and operation of these high quality continuing care campuses."
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 $16 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.
About KMF Senior Housing Investors, L.L.C.
KMF Senior Housing Investors, L.L.C. (KMF) is a real estate private equity firm that specializes in investing institutional capital in various segments of the senior housing industry. KMF invests equity on a nationwide basis in all of the major senior housing categories. Third party firms are utilized to operate the assets either directly or trough joint ventures. The firm is headquartered in Chicago with regional offices in Atlanta and Philadelphia.
About Senior Lifestyle Corporation
Senior Lifestyle Corporation (SLC) is a full service seniors housing company with capabilities that include development, financial analysis, marketing and all areas of operation from building maintenance to food service and resident programs. Founded in 1985, SLC enjoys an industry wide reputation for quality management services and innovative resident care and wellness programming. Based in Chicago with current operations in eleven states across the country, SLC's communities provide various levels of service along the continuum of care, including independent and assisted living, as well as memory and skilled nursing care.
About Walton Street Capital, L.L.C.
Based in Chicago, Walton Street Capital, L.L.C. is a private real estate investment company that has received total equity commitments of $3.4 billion through its five opportunistic and value-added Funds, of which $2.3 billion has been invested/committed to date with a gross asset cost of $8.2 billion. Fund investors include government and corporate pension funds, foreign pension funds, endowments, foundations, banks, insurance companies, high net worth individuals and the Principals of Walton Street, who have personally committed $202 million to the five Funds. Walton Street invests across all property types, both domestically and internationally.
Contacts
GE Healthcare Financial Services
Deia Campanelli, 312-441-6169
[email protected]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892