Business
Great Elm Capital Corp. Partners with Berkadia to Launch Healthcare Finance Venture
Together, Great Elm Capital Corp. and Berkadia create Great Elm Healthcare Finance, a venture to provide capital to US healthcare related businesses
About this update from Great Elm Capital Corp.
[{"type":"text","content":"Together, Great Elm Capital Corp. and Berkadia create Great Elm Healthcare Finance, a venture to provide capital to US healthcare related businesses\nNASHVILLE, Tenn., Nov. 14, 2022 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,” “us,” “our,” or “GECC,”) (NASDAQ: GECC), a business development company, today announced that it has launched Great Elm Healthcare Finance, LLC (“GEHF”) with an affiliate of Berkadia Commercial Mortgage, LLC (“Berkadia”) as its strategic minority partner. Led by healthcare finance veteran, Michael Gervais, and a management team with significant healthcare expertise, GEHF will also be supported by Great Elm Specialty Finance’s existing infrastructure. Michael Keller, President of GECC’s Specialty Finance Business said, “On behalf of Great Elm Specialty Finance, we are thrilled to partner with Berkadia on this venture. We have a long-standing relationship with Berkadia’s senior management and have worked with them on numerous opportunities over the years. We believe we have a high-quality management team led by Mike Gervais. He has a tremendous track record of building healthcare financing businesses. Together, the GECC/Berkadia partnership, healthcare management team and Great Elm infrastructure will allow this venture to begin on an accelerated path.” “We are thrilled to partner with GECC on this venture. Berkadia is constantly developing solutions for our clients and this partnership expands the suite of products to assist our clients in the seniors housing and healthcare sectors,” said Steve Ervin, SVP - Head of Berkadia's FHA and Seniors Housing Finance Group. Headquartered in Nashville, Tennessee, GEHF will be led by CEO, Michael Gervais, Ray Zilke as Vice President of Portfolio and Chad Kerr as Vice President of Credit, a management team with substantial expertise in the healthcare space. GEHF will provide healthcare operators’ capital for working capital, refinancing, acquisition and recapitalization and will focus in healthcare areas such as skilled nursing, assisted living, senior housing, memory care, and acute care facilities as well as specialty pharmacies. GEHF will offer Asset Based Revolving loans, mortgage financing, secured debt and capital for healthcare companies in transition. Mr. Gervais, named CEO of Great Elm Healthcare Finance, brings over 30 years of experience in the healthca...