CHICAGO, February 26, 2004 - GE Healthcare Financial Services has provided $130 million in financing to CNL Retirement Properties, Inc. ("CNL"), a leading real estate investment trust in the senior housing industry. The new credit facility consists of three, five-year delayed draw fixed rate term loans. The loans are secured by 22 facilities across 11 states providing varying levels of independent, assisted, dementia, and skilled nursing care. Proceeds from the loan will be used to fund future investment activities by CNL.

"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," said Thomas J. Hutchison III, chief executive officer and president of CNL.

"We are extremely happy that CNL Retirement Properties chose GE Healthcare Financial Services to provide such a large and highly structured financing arrangement," said Kevin McMeen, senior vice president of real estate for GE Healthcare Financial Services. "Our industry expertise and financial strength enabled us to evaluate the risk of this large, geographically diverse portfolio with various levels of care and service, and structure a transaction to meet the specific and unique needs of our customer."

Craig Romer of Dockerty Romer & Co. served as intermediary in this complex transaction. "CNL had very specific needs with respect to their loan request. GE Healthcare Financial Services did an excellent job custom-fitting a structure that accommodated CNL," said Romer. "It's always a pleasure working with experienced professionals. Both GE and CNL skillfully worked together right to the finish line."

GE Healthcare Financial Services, a unit of GE Commercial Finance, is a provider of capital, financial solutions, and related services for the global healthcare market. With over $13 billion of capital committed to the healthcare industry, GE Healthcare Financial Services offers a full range of capabilities from equipment financing and real estate financing to working capital lending, vendor programs, and practice acquisition financing. With its knowledge of all aspects of healthcare from hospitals and long-term care facilities to physicians' practices and life sciences, GE Healthcare Financial Services works with customers to create tailored financial solutions that help them improve their productivity and profitability. For more information, visit GE Healthcare Financial Services' Web site at .

CNL Retirement Properties, Inc. is an affiliate of CNL Financial Group, Inc., and specializes in the acquisition of quality independent and assisted living communities and continuing care retirement communities. Headquartered in Orlando, Florida, CNL Financial Group, Inc. is one of the nation's largest, privately held real estate investment and finance companies. CNL Financial Group, Inc. and the entities it has formed or acquired have over $9.5 billion in assets, representing more than 4,000 properties in 49 states and Canada.

Dockerty Romer & Co., a boutique commercial real estate intermediary located in Delray Beach, Fla., specializes in the capitalization of commercial real estate. The firm's principals, Bob Dockerty and Craig Romer, have a combined 40+ years of commercial real estate finance experience. Since its formation over four years ago, Dockerty Romer & Co. has closed transactions totaling $800 million.

Media Contacts

Deia Campanelli
GE Healthcare Financial Services
312-441-6169