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$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."
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Title Annotation:Finance: real estate
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 24, 2004
Previous Article:Group targetting $400m in acquisitions, investments.
Next Article:Mack-Cali refinances $150m loan to reduce interest costs.

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