Financial innovations sprout

Recent deregulation of the country's financial institutions has fostered quite a few unorthodox investment ideas. One of the newest is an announced joint venture - believed to be a nationwide first - between Income Property Developers, a San Diego partnership, and Great American Federal Savings Bank. They will build (and own on a projected 50 percent equity basis) a 125-bed, $5 million nursing home in Encinitas, Calif. Completion is expected next year.

In addition, according to institution officials, Great American plans to diversify further along this line by allocating about $125 million over five years for between 12 and 20 such facilities across the US Sunbelt. The bank will not operate the units. This will be the function of the IPG, whose principals have background experience in nursing home operations elsewhere in California.

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