LTC Enters $23 Million Joint Venture with New Partners
January 03 2018 - 6:00AM
Business Wire
-- Planned Development of 110-Unit Private-Pay
Community --
LTC Properties Inc. (NYSE: LTC), a real estate investment trust
that invests in seniors housing and health care properties, today
announced it entered into a real estate joint-venture relationship
with affiliates of Tealwood Senior Living and developer Tukka
Properties to acquire a land parcel and develop Hamilton House, a
$23 million, 110-unit independent living, assisted living and
memory care campus in Cedarburg, Wisconsin.
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A rendering of Hamilton House, a $23
million, 110-unit independent living, assisted living and memory
care campus in Cedarburg, Wisconsin (Photo: Business Wire)
Construction is slated to start prior to 2018, with a planned
opening date of spring 2019. Upon completion, the community will be
operated by an affiliate of Tealwood Senior Living under a
triple-net lease with the joint-venture. This deal marks a new
relationship between Tealwood and LTC, and is LTC’s first joint
venture using this model.
“We’ve listened to regional operators, understand their need for
more creative and flexible financing structures, and are executing
accordingly,” said Wendy Simpson, LTC’s Chairman and Chief
Executive Officer. “We are delighted that Tukka is developing this
property and are thrilled to welcome Tealwood Senior Living into
our portfolio of operators. We are excited about pursuing
additional opportunities with them.”
Tealwood Senior Living started in 1989 and now has management
and operational responsibilities in over 50 nursing home and
assisted living communities across Minnesota, Iowa, Nebraska and
South Dakota. Tukka Properties is a developer based in Madison,
Wisconsin, with both senior living facilities and other projects
around the state.
“Breaking ground on Hamilton House brings us one step closer to
fulfilling our passion of caring for seniors in underserved
markets,” said Howie Groff, Tealwood’s President and Principal. “We
are excited about having LTC as our capital partner, and look
forward to expanding our relationship while growing our
footprint.”
“Embracing Cedarburg’s beautiful downtown architecture and
heritage is important to us. The building will have a warm and
modern farmhouse feel with rustic wood beams, and garden inspired
patterns and colors,” said Rachel Pientka, Tukka Properties’ VP of
Operations. “Together with LTC and Tealwood, we are striving to
create a place residents will truly be excited to call home.”
John Pantone and Matthew Lund of Walker & Dunlop brokered
the deal.
About LTC
LTC (NYSE: LTC) is a real estate investment trust that invests
in seniors housing and health care properties primarily through
sale-leaseback transactions, mortgage financing and structured
finance solutions including mezzanine lending. The company’s
portfolio currently includes more than 200 assisted living
communities, memory care communities and post-acute/skilled nursing
centers, located in 28 states with 29 regional and national
operating partners. For more information on LTC Properties, Inc.,
visit the Company’s website at www.LTCreit.com, or connect with us
on Twitter @LTCreit and LinkedIn.
Forward Looking Statements
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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version on businesswire.com: http://www.businesswire.com/news/home/20180103005191/en/
LTC Properties Inc.Wendy SimpsonPam Kessler(805) 981-8655
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