GE Capital Provides $48.5M 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."