LTC Closes $36 Million Investment in Four-Property Assisted Living Portfolio and Land Parcel
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- LTC Properties, Inc. (NYSE: LTC), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced a $36.0 million investment for the refinancing of debt on four assisted living communities and a land parcel.
The four assisted living communities located in North Carolina have a combined total of 217 units, and are operated by an existing LTC partner. The communities are newly constructed with an average age of under four years. The land parcel includes approximately 7.6 acres adjacent to one of the assisted living communities and is being held for the future development of a senior housing community.
The transaction includes two separate senior mortgage loan originations: a $35.1 million loan secured by four assisted living communities, and a $826,000 loan secured by a parcel of land. The loans are cross-defaulted, have a four-year term, an interest rate of 7.25% and an IRR of 8%.
“This new investment builds on our relationship with a strong and innovative regional operator,” said Wendy Simpson, LTC’s Chairman and CEO. “Year-to-date, LTC has used its flexibility and creativity to invest more than $110 million, with a current focus on newer construction. We will continue to identify new and strategic opportunities, across a variety of financing vehicles, to put our capital to work in a way that benefits all LTC’s stakeholders.”
About LTC Properties
LTC is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions, including preferred equity and mezzanine lending. LTC’s investment portfolio includes 205 properties in 29 states with 34 operating partners consisting of real property investments, first mortgages, mezzanine loans, working capital notes and unconsolidated joint ventures. Based on its gross investments, LTC’s investment portfolio is comprised of approximately 50% seniors housing and 50% skilled nursing properties. Learn more at www.LTCreit.com.
This press release includes statements that are not purely historical and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future. All statements other than historical facts contained in this press release are forward looking statements. These forward-looking statements involve a number of risks and uncertainties. All forward looking statements included in this press release are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such forward looking statements. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.
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Mandi Hogan
(303) 913-4721
Source: LTC Properties, Inc.
LTC Properties, Inc.
Symbol: LTC
CIK: 887905
Exchange: NYSE
Founded: 1992 (32 years)
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Small-Cap
REIT Sector: Health Care, Diversified
REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The overall score is out of ten points, with ten being the best score.
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Last updated: 2024-04-20 - v1.3