Westlake Village, CA-based real estate investment trust LTC Properties announced Wednesday that it is teaming up with a new partner and using a particular financing model for the first time in a $23 million joint venture that will result in a new 110-unit independent living, assisted living and memory care campus in Cedarburg, WI.
Hamilton House is expected to open next year. It will be operated by an affiliate of Tealwood Senior Living under a triple-net lease with the joint venture, which also includes developer Tukka Properties. This deal marks a new relationship between Tealwood and LTC and is LTC’s first joint venture using this financing model.
“We’ve listened to regional operators, understand their need for more creative and flexible financing structures and are executing accordingly,” Wendy Simpson, LTC’s chairman and CEO, said in a statement.
Bloomington, MN-based Tealwood Senior Living, begun in 1989, has management and operational responsibilities in more than 50 assisted living communities and nursing homes across Iowa, Minnesota, Nebraska and South Dakota. Madison, WI-based Tukka Properties develops senior living facilities and other projects around the state.
“Breaking ground on Hamilton House brings us one step closer to fulfilling our passion of caring for seniors in underserved markets,” Howie Groff, Tealwood’s president and principal, said in a statement. “We are excited about having LTC as our capital partner and look forward to expanding our relationship while growing our footprint.”
LTC’s portfolio includes more than 200 assisted living communities, memory care communities and post-acute/skilled nursing centers located across 28 states. The REIT has 29 regional and national operating partners.