GE Healthcare Finalizes $160 Million Mortgage for Senior Housing Properties
CHICAGO - GE Healthcare Financial Services has structured a $160 million senior-secured, 10-year first mortgage for Wakefield Capital, a Maryland based investor in senior housing properties. The financing was used to acquire 28 independent and assisted living properties in seven states.
“GE Healthcare Financial Services’ in-depth knowledge of the senior housing industry and our company helped to create a financing solution that meets both our short- and long-term capital needs,“ said Ed Nordberg, CEO at Wakefield Capital. ”Their team of financial experts were able to move quickly to find a mutually beneficial deal structure that positions our business for growth"
Wakefield Capital LLC was created in May 2006, as a joint venture between Chain Bridge Capital and NorthStar Realty Finance Corporation -- a publicly traded REIT. Currently Wakefield owns over 80 senior housing properties nationwide.
GE Healthcare Financial Services has lending relationships with seven of the 10 largest assisted living providers, as ranked by Provider magazine, including Emeritus Assisted Living and Atria Senior Living Group.
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