LTC Originates $52.5 Million Unitranche Loan for Purchase of 13-Property Seniors Housing Portfolio
December 02 2021 - 9:30AM
Business Wire
LTC Properties, Inc. (NYSE: LTC) a real estate investment trust
that primarily invests in seniors housing and health care
properties, announced today it originated a $52.5 million
unitranche loan for the purchase of a 13‑property seniors housing
portfolio located in North and South Carolina. The communities will
be operated by an existing LTC operator. The loan provides for
additional commitments of $6.1 million for capital improvements and
$650,000 for working capital, for a total investment commitment of
approximately $60 million. The loan bears interest at 7.25% with an
IRR of 8% and matures in 4 years.
“Our solid balance sheet and long history of providing creative
financing solutions to strong regional operators, has allowed LTC
to nimbly adapt to the changing landscape for investments in senior
housing,” said Wendy Simpson, LTC’s Chairman and CEO. “On the heels
of our recent announcement of $46 million in investments through a
variety of loan vehicles, this structured finance investment is
another example of our ability to provide operators with the
financing they need, when they need it.”
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 owns or holds first mortgages on 190 properties in 27 states
with 33 operating partners. Based on LTC’s gross real estate
investments, 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. Please see LTC’s most recent
Annual Report on Form 10-K, its subsequent Quarterly Reports on
Form 10-Q, and its other publicly available filings with the
Securities and Exchange Commission for a discussion of these and
other 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 LTC 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211202005078/en/
Wendy L. Simpson Pam Kessler (805) 981-8655
LTC Properties (NYSE:LTC)
Historical Stock Chart
From Jun 2024 to Jul 2024
LTC Properties (NYSE:LTC)
Historical Stock Chart
From Jul 2023 to Jul 2024