LTC Inks $17 Million Sale-Leaseback JV Partnership in Virginia
February 11 2019 - 9:30AM
Business Wire
-- Partnership Adds Strong Regional Operating
Partner –-
LTC Properties, Inc. (NYSE:LTC), a real estate investment trust
investing in seniors housing and health care properties, today
announced it has entered into a real estate joint venture
relationship with an affiliate of English Meadows Senior Living
Communities to acquire English Meadows Abingdon Campus in Abingdon,
Virginia for approximately $17.0 million, at an initial lease rate
of 7.4%. LTC has a 95% interest in the joint venture.
Opened in 2015, English Meadows Abingdon Campus comprises 74
assisted living and memory care units, with a stabilized occupancy
of 90% as of closing. The property will be operated by English
Meadows Senior Living Communities (English Meadows), a new
operating partner for LTC.
“We are excited to partner with English Meadows on the Abingdon
campus,” said Wendy Simpson, LTC’s Chairman and Chief Executive
Officer. “Our ability to provide creative financing solutions as we
did with this transaction allows us to attract and develop solid
relationships with strong, regional operating partners, an
important group for LTC.”
“LTC worked closely with us to truly understand our requirements
for the Abingdon Campus, and we are very pleased to begin our
relationship with them,” said Mike Williams, CEO of English Meadows
Senior Living. “With a well-capitalized financing source like LTC,
we are now in an even better position to grow our business with
this new capital partner.”
About English Meadows Senior Living Communities
English Meadows was founded in 2008 with the mission to provide
affordable, quality senior living care for residents, while
providing a rewarding and enjoyable workplace for team members.
English Meadows currently operates eight campuses across the
Commonwealth of Virginia. Learn more at
www.englishmeadowsslc.com.
About LTC Properties
LTC (NYSE: LTC) is a real estate investment trust 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 holds more than 200 investments in 28 states with 30 operating
partners. The portfolio is comprised of approximately 50% seniors
housing and 50% skilled nursing properties. Learn more at
www.LTCreit.com.
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: https://www.businesswire.com/news/home/20190211005112/en/
Wendy SimpsonPam Kessler(805) 981-8655
LTC Properties (NYSE:LTC)
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