Printer Friendly

$135m credit line secured.

Provident Senior Living Trust, a new real estate investment trust focused on acquiring senior living properties, has received a $135 million senior secured revolver from GE Healthcare Financial Services.

Provident will use the five-year line of credit to acquire senior living properties and to provide capital for corporate operations.

"We are pleased to be working with GE Healthcare Financial Services and were impressed with the execution in completing this transaction," said Darryl W. Copeland, Jr., Provident's chairman and CEO.

"This line of credit initially will be used to acquire 38 senior living properties. GE's ability to commit to and execute this in a short time period was important to us."

"Our industry acumen and strong financial position give us tremendous flexibility in developing financing to meet each customer's needs as well as providing certainty of execution," says John Cobb, managing director of long-term care for GE Healthcare Financial Services.

"Customers like Provident seek out those qualities in a financing partner, and that's why we are so focused on delivering against these expectations every time."
COPYRIGHT 2004 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Finance: real estate
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 24, 2004
Words:174
Previous Article:Group targetting $400m in acquisitions, investments.
Next Article:Mack-Cali refinances $150m loan to reduce interest costs.
Topics:


Related Articles
A lender's insight into brokerage process.
Changes to UCC Code impacting co-ops.
Survey of finance companies, 2000.
Wall street deal.
Co-ops lock in on credit lines.
$391m GE deal caps strong year for finance group.
Mortgage recording tax: are you getting all the credit you deserve?
Are you getting all the credit you deserve?
Commercial real estate financing the right way.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters