Prior to joining Green Park, Graham was a vice president atMerrill Lynch Capital working on senior and mezzanine debtfinancings. He has also held investment banking positions at Bear,Stearns & Co., and SG Cowen Securities.


On the job for less than a week now, he does not have anythingsubstantial in the pipeline but expects that to change shortly. Hisinvestment goal for 2008 is $500 million.


Right now is a good time to develop product for this space, hetells "The sector is less affected by the housingdownturn than many others," he says. It is also less affected byrecessionary forces, since these services are considerednecessities. Skilled nursing is another sector for which the unitmay develop lending products in the mid term, he adds.


Green Park has done a few one-off transactions in this spacethat went well, which is part of the reason why the firm decided toinvest more resources into it. Last January, the firm closed a$460-millioncredit facility consisting of both fixed and floating ratedebt to recapitalize a 19-asset, 1,988-bed senior housingportfolio. The owner, a joint venture managed by Wellesley Hills,MA-based Benchmark Assisted Living LLC, planned to use the proceedsto renovate some of the independent- and assisted-livingfacilities, pay off the original investors in the transaction andeventually bring in additional assets to the portfolio. At thetime, Russ Ming, assistant vice president at Green Park, that the company wanted to increase its focus in thisspace.

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