Shearman & Sterling advised Great Elm Capital (Nasdaq: GECC), as they signed a definitive agreement to complete the formation of its joint venture Great Elm Healthcare Finance (GEFH) with an affiliate of Berkadia Commercial Mortgage as its strategic minority partner.
GEFH 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.
GECC is an externally-managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to multifamily and commercial property clients.