KMF SENIOR HOUSING INVESTORS, GE HEALTHCARE FINANCIAL SERVICES, AND SENIOR LIFESTYLE CORPORATION COMPLETE $280 MILLION ACQUISITION
New venture demonstrates ongoing commitment to long-term care real estate
CHICAGO - November 29, 2006 - KMF Senior Housing Investors, L.L.C.,
GE Healthcare Financial Services and Senior Lifestyle Corporation today announced
the formation of a new joint venture that has completed a $280 million acquisition of
four senior housing communities located in Ill., Ohio and Colo. The communities were
purchased from a joint venture between affiliates of Senior Lifestyle Corporation and
Walton Street Capital, L.L.C.
The four communities comprise 1,256 units/beds across a continuum of care, including
independent living, assisted living, Alzheimer's care and skilled nursing care.
Current combined occupancy at the four communities is approximately 90 percent.
Senior Lifestyle Corporation will manage the communities on behalf of the joint venture.
"We are excited to form this new joint venture with KMF Senior Housing Investors and
Senior Lifestyle Corporation and to expand our equity investments in the growing long-term
care arena," said Thad Wilson, senior vice president of equity for GE Healthcare Financial Services.
"We will continue developing innovative, customized financing solutions that help our customers meet
their evolving business needs."
"KMF is pleased to be investing in these high quality senior housing assets with such an accomplished
operator and healthcare-focused equity provider," said James Smith, managing principal of KMF Senior Housing
Investors. "We believe these senior housing properties will provide excellent investment performance as a
result of the superior management, strong economic fundamentals and demographics that are propelling the
senior housing sector."
"Senior Lifestyle Corporation is pleased to enter this joint venture with GE Healthcare Financial Services and KMF Senior
Housing Investors, both very strong financial organizations that are committed to the senior housing industry,"
said William B. Kaplan, chairman of Senior Lifestyle Corporation. "The four communities in this acquisition have
been part of the Senior Lifestyle family for a combined total of well over 30 years and we look forward to a successful
new relationship in the ownership and operation of these high quality continuing care campuses."
About GE Healthcare Financial Services
GE Healthcare Financial Services is a provider of capital, financial solutions, and related services for the global
healthcare market. With over $15 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 www.gehealthcarefinance.com.
About KMF Senior Housing Investors, L.L.C.
KMF Senior Housing Investors, L.L.C. (KMF) is a real estate private equity firm that specializes in investing institutional
capital in various segments of the senior housing industry. KMF invests equity on a nationwide basis in
all of the major senior housing categories. Third party firms are utilized to operate the assets either
directly or trough joint ventures. The firm is headquartered in Chicago with regional offices in Atlanta and Philadelphia.
About Senior Lifestyle Corporation
Senior Lifestyle Corporation (SLC) is a full service seniors housing company with capabilities that include development,
financial analysis, marketing and all areas of operation from building maintenance to food service and resident programs.
Founded in 1985, SLC enjoys an industry wide reputation for quality management services and innovative resident care and
wellness programming. Based in Chicago with current operations in eleven states across the country, SLC's communities
provide various levels of service along the continuum of care, including independent and assisted living, as well as
memory and skilled nursing care.
About Walton Street Capital, L.L.C.
Based in Chicago, Walton Street Capital, L.L.C. is a private real estate investment company that has received total
equity commitments of $3.4 billion through its five opportunistic and value-added Funds, of which $2.3 billion
has been invested/committed to date with a gross asset cost of $8.2 billion. Fund investors include government and
corporate pension funds, foreign pension funds, endowments, foundations, banks, insurance companies, high net worth
individuals and the Principals of Walton Street, who have personally committed $202 million to the five Funds.
Walton Street invests across all property types, both domestically and internationally.
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