CHICAGO, May 30, 2003 - GE Healthcare Financial Services recently provided $17 million in first mortgage financing to Formation Properties, LLC on nine skilled nursing and senior housing facilities located throughout Florida. GE Healthcare Financial Services provided another $12 million in accounts receivable financing to Opis Management Resources, the manager and tenant to Formation Properties, LLC.

In this transaction, GE Healthcare Financial Services helped facilitate Formation's acquisition of the skilled nursing and senior housing facilities by financing both the real estate and the working capital for their tenant, Opis Management Resources, LLC.

"When we began working on this acquisition, we recognized the need for a single lending source that would be able to provide the capital required on a both a real estate level and the operator working capital level," said Arnold Whitman, the CEO of Formation Capital. "GE Healthcare Financial Services' understanding of and commitment to the industry makes them one of the most active lenders in today's market. At the end of the day, the most important item GE brought was certainty of closing."

"Our healthcare team has the experience and ability to provide multiple types of financings for our customers," said John Cobb, skilled nursing team leader for GE Healthcare Financial Services. "As a result, an acquisition of a portfolio of nursing homes can be quickly and easily accomplished."

Formation Properties, LLC is an affiliate of Formation Capital, LLC of Alpharetta, Georgia, an owner of senior housing and long-term care properties throughout the United States, including sixty-four within the State of Florida. Formation Capital and its principals have a long history of investment in the senior housing and care industry. It is the strategy of Formation Capital to provide equity capital and, through an alignment of interest with quality operators, structure transactions that are beneficial for sellers, investors and operators.

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

Leslie Krohn
Vice President of Communications
312-441-7710
leslie.krohn@ge.com

Deia Campanelli
GE Healthcare Financial Services
312-441-6169