CHICAGO, April 29, 2005 - GE Commercial Finance Healthcare Financial Services has provided $26 million in five-year term loans to Granite Investment Group to support the acquisition of six skilled nursing facilities throughout Texas. The facilities will be managed by Trisun Healthcare -- operator of 13 skilled nursing properties throughout central Texas.

The deal was uniquely structured through a "Tenant in Common" (TIC) facility - an agreement that enables several investors to purchase the facilities to complete 1031 tax-deferred exchanges and subsequently master lease the properties to an affiliate of Granite. The TIC structure allows a unique approach to the capital structure by providing the cash equity through a private pool of investors.

"GE Commercial Finance Healthcare Financial Services' size, experience and industry know-how made it the right financial lender to meet our complicated credit structure needs," said Granite's President John Heller. "The GE Team delivered exactly what they promised."

It is just this type of creative, client-focused approach, financial strength, and commitment to the senior housing market -- specifically the skilled nursing industry -- that continues to make GE Commercial Finance Healthcare Financial Services a leader in this market. In fact, nine of the 20 largest skilled nursing operators, as ranked by Provider magazine, are GE Commercial Finance Healthcare Financial Services' clients, including Formation Capital LLC, Harborside, and Lifecare Centers of America.

"To meet Granite's financing needs, we looked beyond conventional financing and developed an innovative financing solution that provided Granite a platform to package the skilled nursing real estate assets for sale to multiple investors under a 1031 exchange (TIC) model. Therefore Granite was able to provide the required cash equity to close this transaction from the investor pool and provide the individual investors a tax deferment of capital gains through the real estate investment vehicle." said Kathryn Burton-Gray, vice president of long-term care real estate for GE Commercial Finance Healthcare Financial Services. "We will continue to develop innovative, customized financing arrangements that help operators achieve their business objectives."

GE Commercial FinanceHealthcare Financial Servicesis 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 Commercial Finance 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 Commercial Finance Healthcare Financial Services works with customers to create tailored financial solutions that help them improve their productivity and profitability. For more information, visit .

Media Contacts

Deia Campanelli
GE Healthcare Financial Services
312-441-6169