LTC Originates $12.7 Million Loan for Purchase of Skilled Nursing/Assisted Living Campus
03 Aprile 2024 - 10:15PM
Business Wire
-- Senior Loan to Assist Ignite Medical Resorts
in Purchase of Houston Metro-area Property --
LTC Properties Inc. (NYSE: LTC) (“LTC” or the
“Company”), a real estate investment trust that primarily
invests in seniors housing and health care properties, today
announced that it has originated a $12.7 million senior loan to
Ignite Medical Resorts (“Ignite”), a current LTC operator, for the
purchase of a skilled nursing and assisted living campus in Katy,
Texas. The investment will be accounted for as an unconsolidated
joint venture.
The five-year loan is interest only at a current rate of 9.15%
and includes a CapEx investment of approximately $800,000 for
campus improvements. LTC expects this investment to generate
approximately $884,000 of revenue in 2024.
The campus was built in 2017, and includes 78 units (48 skilled
nursing and 30 assisted living) and 104 licensed beds (70 skilled
nursing and 34 assisted living).
“We are very pleased to assist our long-term partner, Ignite,
with the purchase of this property, building on the strong
relationship we have had with them since 2019. We look forward to
continued growth with them,” said Wendy Simpson, LTC’s Chairman and
Chief Executive Officer. “We are focused on providing flexible
financing, including through shorter-term vehicles, that provides
growth capital for our operators, while also generating meaningful
returns for LTC and our shareholders.”
About LTC
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 202 properties in 26 states
with 31 operating partners. Based on its gross real estate
investments, LTC’s investment 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240403297301/en/
Mandi Hogan (805) 981-8655
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