LTC Closes $6.8 Million Mezzanine Loan for Atlanta-Area Seniors Housing Campus
April 03 2019 - 4:00PM
Business Wire
-- Enters relationship with new regional
operating partner –
LTC Properties, Inc. (NYSE:LTC), a real estate investment trust
investing in seniors housing and health care properties, today
announced closing on a $6.8 million mezzanine loan for the
construction of Corso Atlanta, a nine-acre campus in the Buckhead
area of Atlanta. The 204-unit gated community will offer a
continuum of care, including 82 independent living units, 21
independent unit cottages, 75 assisted living units, and 26 memory
care units. The campus, which is expected to open in Winter 2020,
will be operated by Atlanta-based Village Park Senior Living, a new
operating partner to LTC.
The five-year mezzanine loan bears interest at 12%, with 8%
current-pay during the first 46 months of the loan, and the balance
accruing to the note and 12% current-pay thereafter.
“This transaction underscores our commitment to providing
flexible financing solutions based on the unique needs of regional
operating partners,” said Wendy Simpson, LTC’s CEO and President.
“We are continuing to pursue strategic mezzanine financing when we
see a clear pathway to growth with new partners, and when it makes
financial sense for LTC and our shareholders. We like Village
Park’s vision and approach to senior living and are excited to
welcome them as a new partner.”
“Our focus is to develop, own, and operate the highest class of
senior living housing in the industry. We design our communities to
match the unique characteristics of the market we serve and build
our communities to the highest quality standards. We believe in
building strong ties to the community as we are outstanding care
givers and want to embrace the needs of the community.” said Tim
Gary, Village Park Senior Living’s CEO. “LTC’s creative approach
and flexibility in terms of timing helped us bring our newest
project home.”
About Village Park Senior Living
Featuring luxury-style senior living, Village Park is committed
to offering the highest-quality service and care for the residents
through combining the comforts and care needed for a carefree and
vibrant lifestyle surrounded by a caring and supportive staff.
Village Park currently operates four communities in Atlanta’s most
desirable neighborhoods. Learn more at
www.villageparkseniorliving.com and www.corsoatlanta.com.
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 holds more than 200 investments in 28 states with 31 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/20190403005783/en/
Wendy SimpsonPam Kessler(805) 981-8655
LTC Properties (NYSE:LTC)
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