Westlake Village, CA-based LTC Properties announced Monday the closing of $46 million in new investments since the beginning of the third quarter.
“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, the real estate investment trust’s chairman and CEO, said in a press release.
LTC closed four separate investments with the combined weighted average term of 3.2 years. The REIT expects them to generate annual interest income of approximately $3.5 million. All but one of the operators are new to LTC Properties.
The REIT closed a $27 million, three-year unitranche loan for an operator to purchase a skilled nursing center in Louisiana. The loan carries a 12-month extension option.
LTC also brokered a $12.5 million, four-year senior loan for a regional operator to purchase an assisted living/memory care community in Florida. The deal represents a new relationship for the REIT. The loan includes an additional $4.2 million 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.”
The REIT also financed a $4.4 million, three-year mezzanine loan to refinance an independent living community in Oregon. The regional operator is new to LTC. The conditions of the loan include two 12-month extension options.
Finally, LTC facilitated a $1.8 million, one-year land loan, secured by a parcel of land for the future development of a post-acute skilled nursing center in Missouri, for an existing LTC partner.