CHICAGO, August 5, 2004 - GE Healthcare Financial Services, a unit of GE Commercial Finance, continues to expand its commitment to the long-term care industry with the provision of a $200 million long-term fixed rate first-mortgage financing to Formation Capital LLC. Formation Capital will use the mortgage to refinance 52 Florida skilled-nursing properties operated by Sea Crest Health Care Management. GE Healthcare Financial Services is one of only a few lenders providing long-term fixed-rate, debt financing for skilled-nursing operators, a solution previously available only through government lenders.

"When we began working with GE Healthcare Financial Services we knew they were the single lending source that could provide us the flexibility and service level we required," said Arnold Whitman, chief executive officer of Formation Capital. "Having provided us with multiple loan financings in the past, GE Healthcare Financial Services once again proved they could be a key partner in helping us meet our business objectives. They are one of only a few lenders that could handle our large transaction, while delivering unsurpassed speed and certainty of execution."

This most recent deal with Formation Capital is the fourth in a series of financings provided to the skilled nursing investor over the past two years. This level of repeat business has become a testimony to GE Healthcare Financial Services' ability to win and sustain the confidence of customers over the long-term while evolving with them as their business grows.

"We are committed to creating tailored financing arrangements with valued clients such as Formation Capital to help them reach strategic milestones," noted Kathryn Burton-Gray, vice president of long-term care real estate for GE Healthcare Financial Services. "Our depth of experience and expertise in skilled nursing, combined with our financial resources, allows us to confidently offer financing arrangements that achieve our clients' goals and that they often cannot find elsewhere."

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 .

Formation Capital, LLC of Alpharetta, Georgia, is an owner of senior housing and long-term care properties throughout the United States, including sixty-four within the State of Florida. Formation Capital and its principals have a long history of investment in the senior housing and care industry. It is the strategy of Formation Capital to provide equity capital and, through an alignment of interest with quality operators, structure transactions that are beneficial for sellers, investors and operators.

Media Contacts

Deia Campanelli
GE Healthcare Financial Services
312-441-6169