LTC Properties, a real estate investment trust that primarily invests in senior housing and healthcare properties, has originated $46 million in new investments since the beginning of Q3/21.
The financings include four separate investments with a combined weighted average term of 3.2 years. The investments are expected to generate annual interest income of approximately $3.5 million.
“Our recent investment strategy has focused on shorter-term investments and development opportunities, which we believe have a lower risk profile in the current environment. These investments fit nicely into that strategy while expanding relationships with an existing partner and regional operators new to us,” Wendy Simpson, chairman and CEO of LCT Properties, said.
The investments include:
- A $27 million unitranche loan for the purchase of a skilled nursing center in Louisiana by a regional operator new to LTC. The term is three years with one 12-month extension option.
- A $12.5 million senior loan for the purchase of an assisted living/memory care community in Florida by a regional operator new to LTC. The term is approximately four years and includes an additional $4.2 million loan commitment to be funded at a later date subject to satisfaction of various conditions for the construction of a memory care addition to the property.
- A $4.4 million mezzanine loan for the refinance of an independent living community in Oregon with a regional operator new to LTC. The term is three years with two 12-month extension options.
- A $1.8 million land loan secured by a parcel of land for the future development of a post-acute skilled nursing center in Missouri to be operated by an existing LTC partner. The term is one year.
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