CHICAGO, July 14, 2003 - GE Healthcare Financial Services recently provided a $21 million financing for the purchase of the first mortgage construction loan on The Hallmark of Battery Park City. The Hallmark is a 217 unit independent living facility located in the Battery Park City neighborhood of New York City. Brookdale Living Communities, Inc. developed and now manages the property.

The construction loan was purchased in the fall of 2002 by an affiliate of Fortress Investment Group LLC from the bank group that originated the loan in 1999. The property opened in early 2001 but closed temporarily after the World Trade Center attack. The Hallmark is located within 3 blocks of the World Trade Center site in New York City. Since reopening late in October of 2001, the property has experienced very strong lease-up.

"We are the leader in healthcare finance because we provide our borrowers with a team of professionals dedicated to the industry, and we're backed by GE's AAA balance sheet," said Curt Schaller, Vice President of GE Healthcare Financial Services. "Fortress wanted a lender that could get this transaction closed quickly and we were able to execute because we know the business and are committed to it. We consider The Hallmark to be one of the highest quality senior living buildings in the country, and we are particularly pleased to have the opportunity to further our relationship with Fortress and Brookdale."

"Given the complexity of this transaction, we were pleased with how quickly GE responded with an attractive term sheet and closed the deal," said Darryl Copeland, Managing Director of Fortress Capital Finance.

Fortress Investment Group LLC is a global alternative investment and asset management firm that currently manages over $3.5 billion in equity capital across three businesses: private equity, real estate securities and hedge funds. Fortress was founded in 1998 by a group of senior investment professionals led by Wesley R. Edens. Fortress employs over 120 people worldwide with its headquarters in New York and offices in London, Rome and Frankfurt.

Brookdale Living Communities, Inc. is a leading provider of senior and assisted living services and has been in operation since 1988. Brookdale now serves more than 11,800 residents in 62 properties across 27 states. Headquartered in Chicago, IL, the company has more than 5,200 employees across the country. Brookdale's website is www.brookdaleliving.com.

GE Healthcare Financial Services is the premier provider of capital, financial solutions and related services for the global healthcare market. With $9 billion in assets, GE Healthcare Financial Services offers a full range of financing capabilities from equipment leasing and real estate financing to working capital lending and vendor programs. With a dedicated focus and a deep knowledge of the healthcare industry, GE Healthcare Financial Services collaborates with customers to create tailored financial solutions that help them improve their productivity and profitability. GE Healthcare Financial Services' website is .

Media Contacts

GE Healthcare Financial Services
Leslie Krohn
312/441-7710
leslie.krohn@ge.com

Deia Campanelli
GE Healthcare Financial Services
312-441-6169