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GE in Skilled Nursing Play

Sule Aygoren Carranza is managing editor of Real Estate Forum and editor of Multi Housing forum, from which this article is excerpted.GE Healthcare Financial…

By Sule Aygoren Carranza | Updated on July 18, 2006

Sule Aygoren Carranza is managing editor of Real Estate Forum and editor of Multi Housing forum, from which this article is excerpted.

GE Healthcare Financial Services has brought its total investment in real estate to more than $4 billion through the acquisition of six senior housing portfolios from Formation Capital LLC. The Alpharetta, GA-based company earned $1.4 billion in the sale, which involves 21,000 beds in 186 skilled nursing facilities around the US.

The deal, expected to close in the third quarter, also marks locally based GE Healthcare Financial’s major entrance into the equity arena. For the past decade, it has been an active provider of senior debt and first-mortgage financing to industry, with senior housing properties accounting for about half its business, with medical properties and skilled nursing facilities making up 25% each. The firm currently has more than $15 billion of capital committed to the industry. It closed $1.8 billion in debt commitments last year. It has already surpassed that figure in the first half of 2006 with $2 billion worth of deals, including this one, and $600 million in debt.

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