LTC Closes $36 Million Investment in Four-Property Assisted Living Portfolio and Land Parcel
May 12 2022 - 9:30AM
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
LTC Properties (NYSE:LTC)
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