LTC Originates $25 Million Mezzanine Mortgage for Recapitalization of 5-Property Seniors Housing Portfolio

WESTLAKE VILLAGE, Calif., February 24, 2022–(BUSINESS WIRE)–LTC Properties, Inc. (NYSE: LTC), an actual property funding belief that primarily invests in seniors housing and well being care properties, right this moment introduced it has originated a $25 million mezzanine mortgage for the recapitalization of a 5 property seniors housing portfolio. The funding was beforehand mentioned in LTC’s 2021 fourth quarter investor convention name on February 18.

The mezzanine mortgage has a time period of 5 years and two months, with two one-year extension choices. It bears curiosity at 8%, with an IRR of 11%.

Positioned in Oregon and Montana, the 5 communities, which embody unbiased dwelling, assisted‑dwelling and reminiscence care, and complete 621 items, shall be managed by The Springs Residing, LLC, an operator new to LTC.

“Closing this stable funding inside the first seven weeks of 2022 after a really productive 2021 fourth quarter, demonstrates that LTC is efficiently executing its technique to supply progress for our shareholders,” stated Wendy Simpson, LTC’s Chairman and CEO. “Our present give attention to structured finance merchandise has served us effectively, as we’ve been in a position to take part in financing premier communities, reminiscent of these underlying this most up-to-date funding, and construct relationships with sturdy, regional operators with whom we would not in any other case be capable of generate enterprise. We are going to proceed to determine a big selection of funding alternatives by offering inventive, versatile financing options to the best operators, for the best properties on the proper time.”

About LTC Properties

LTC is an actual property funding belief (REIT) investing in seniors housing and well being care properties primarily by sale-leasebacks, mortgage financing, joint-ventures and structured finance options, together with most popular fairness and mezzanine lending. LTC’s funding portfolio contains 198 properties in 29 states with 36 working companions consisting of actual property investments, first mortgages, mezzanine loans, working capital notes and unconsolidated joint ventures. Based mostly on its gross investments, LTC’s funding portfolio is comprised of roughly 50% seniors housing and 50% expert nursing properties. Study extra at www.LTCreit.com.

This press launch contains statements that aren’t purely historic and are “forward-looking statements” inside the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended, together with statements concerning the Firm’s expectations, beliefs, intentions or methods concerning the longer term. All statements apart from historic information contained on this press launch are ahead wanting statements. These forward-looking statements contain plenty of dangers and uncertainties. All ahead wanting statements included on this press launch are primarily based on data out there to the Firm on the date hereof, and the Firm assumes no obligation to replace such ahead wanting statements. Though the Firm’s administration believes that the assumptions and expectations mirrored in such forward-looking statements are affordable, no assurance may be on condition that such expectations will show to have been appropriate. The precise outcomes achieved by the Firm might differ materially from any forward-looking statements because of the dangers and uncertainties of such statements.

View supply model on businesswire.com: https://www.businesswire.com/information/residence/20220224005432/en/

Contacts

Wendy Simpson
Pam Kessler
(805) 981-8655

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