The transaction gave WHG an opportunity to take advantage of favorable cap rates. "The lower the cap rate, the higher the value of the property in relation to rent rates," explains Greg Vieceli, EVP of GE Capital. He tells GlobeSt.com that his company has done other types of financing for WHG over the past six to seven years, including construction financing for some restaurants, but this is the first sale-leaseback arrangement between the two companies.

"This allowed WHG to realize cash flow from appreciation of the properties," Vieceli says, while his company obtains rent revenue. He did not disclose rent rates, but says, "the lease terms are typically for 15 or 20 years with options to renew."

"In a transaction of this magnitude, you are always concerned about executing it in a timely and cost-effective manner with minimal disruption to your core business," says Mark Dillon, president and CEO of WHG, in a statement. He says GE Capital used customer feedback "to significantly improve their transaction process and completed this rather large transaction on time and under budget." A call to WHG was not returned by deadline. Overland Park, KS-based Applebee's has more than 1,800 owned and franchised restaurants, and it lays claim to being the largest casual dining concept in the world.