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LOUISVILLE, KY-Atria Senior Living Group has pulled out a $207-million loan for its 124 communities in 27 states. GE Healthcare Financial Services, based in Chicago, arranged the first mortgage for the properties.

The flexible financing arrangement includes both 10-year fixed rate and five-year floating rate pools, according to a statement by GE. As for the capital raised, Atria says in the statement that it will use at least $32 million to make capital improvements to the properties in the floating-rate pools.

An Atria spokesperson was not available for comment in time for this story. A GE spokeswoman tells GlobeSt.com that the firm considers lending to senior housing owners a priority. The company lends to seven of the 10 largest assisted living providers, including Sunrise, Brookdale and Atria. "We think Atria is one of the top quality operators, it was a great move for us to be able to help them," she says. "They tend to focus on high quality, and have been a proven operator, we dig into that."

A large senior housing property owner itself, GE closed in June 2006 on six portfolios for $1.4-billion portfolio from Alpharetta, GA-based Formation Capital LLC, and provided financing for a joint venture between Emeritus Corp. and Blackstone Real Estate Group in the acquisition of 25 assisted living facilities for $190 million in October.

Instant Insights /

Atria Group Procures $207M Loan for Portfolio

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