Last week, GE Capital’s Healthcare Financial Services business announced that it deployed approximately $1 billion for more than 45 transactions that included refinance of existing debt, supporting working capital needs and funding growth initiatives in the U.S. healthcare market.
“There is no doubt the economic downturn has presented challenges and opportunities in the healthcare real estate market,” said Brian Beckwith, senior managing director for GE Capital, Healthcare Financial Services’ healthcare real estate team. “We have focused on providing dependable capital to our existing customers during this market cycle and are now seeing opportunities to develop new customer relationships.”
Some of the transactions included in the activity include:
- Nyack Hospital – Increased Nyack Hospital’s existing credit facility to $30 million to support a capital improvement project. Nyack Hospital is a 375-bed community care medical/surgical hospital located in Nyack, NY.
- Regency Healthcare Group – Provided a $25 million senior secured credit facility to Regency Healthcare Group, a portfolio company of EDG Partners, LLC., based in Brentwood, TN. Regency Healthcare Group provides hospice care to terminally ill patients with the goal of improving quality of life for patients and their families. The loan is being used to refinance existing debt and for growth capital. GE Capital Markets arranged the transaction.
- Univita Health Inc. – Served as administrative agent on a $97 million senior credit facility for Univita Health Inc., a portfolio company of Genstar Capital. The loan is being used to refinance a portion of Univita’s existing indebtedness and for general corporate purposes. Headquartered in Scottsdale, AZ, Univita Health Inc. provides an integrated approach to home-based care and support. GE Capital Markets arranged the transaction as sole bookrunner and co-lead arranger.
- Brookdale Senior Living, Inc. – Provided a $50 million first mortgage. The Borrower, Affiliates of Brookdale Senior Living (NYSE: BKD), is a national provider of senior housing.
- Life Care Centers of America – Provided an $83 million senior secured credit facility to Life Care Centers of America, a privately held skilled nursing owner/operator, based in Cleveland, TN. Life Care is a premier provider of long-term health care with over 200 facilities across the country. The loan was used in combination to refinance existing debt and to acquire several properties.