"GE Healthcare Financial Services' knowledge of the long-term care industry, as well as their financial strength, enabled them to quickly accommodate and close this complex transaction to meet our financial needs," says CNL CEO and president Thomas J. Hutchison.
Craig Romer, a partner in Dockerty Romer & Co. of Delray Beach, FL, brokered the deal. The new credit facility consists of three five-year delayed draw fixed-rate term loans. CNL put up its portfolio as collateral for the loans.
"CNL had very specific needs with respect to their loan request," says Romer. "GE Healthcare did an excellent job custom-fitting a structure that accommodated CNL." Kevin McMeen, senior vice president of real estate for GE Healthcare Financial Service, called the funding package "large and highly structured. " GE Healthcare is a unit of GE Commercial Finance.
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