Portfolio Sale in the Carolinas Receives Financing
LTC Properties has more than doubled its loan origination volume for the year with a unitranche loan provided to fund the purchase of 13 seniors housing communities in the Carolinas. The $52.5 million loan bears interest at 7.25% for a term of four years, with an IRR of 8%. It also provides for additional commitments of $6.1 million for capital improvements and $650,000 for working capital needs, bringing the total investment commitment to approximately $60 million. We learned that Patrick Burke of Senior Living Investment Brokerage handled the portfolio sale. Totaling 523 units and 967 beds, the properties include a mix of independent living (2%), assisted... Read More »
LTC Properties Announces Third Quarter Financings
LTC Properties has announced a number of financings it originated over the third quarter totaling $46 million across four separate investments, including a unitranche loan, a senior loan, a mezzanine loan and a land loan. The investments are believed to generate a future annual interest income of approximately $3.5 million over a combined weighted average term of 3.2 years. First, a $27 million unitranche loan was originated for a regional operator to purchase a skilled nursing facility in Louisiana. The operator was given a loan term of three years with one 12-month extension option. The second loan was a $12.5 million senior loan for a regional operator to purchase an assisted... Read More »
LTC Properties Divests Three ALFs in Wisconsin
In the ongoing plan to reposition its relationship with Senior Lifestyle Corporation, LTC Properties has sold three assisted living communities in Wisconsin. The sales price was $35.0 million, or about $133,100 per unit. The three communities had a combined net book value of $28.3 million, and the estimated gain for LTC on the sale is approximately $5.6 million. There was no debt on the communities, so the net sales proceeds of $34.0 million were used to pay down the REIT’s unsecured revolving line of credit. In the first quarter this year, LTC had transitioned 11 Senior Lifestyle assisted living communities in Wisconsin, Ohio and Illinois to two... Read More »
SLIB Sells Wisconsin Assisted Living Portfolio
As if their end-of-April activity wasn’t enough, the Senior Living Investment Brokerage team of Bradley Clousing and Ryan Saul kicked off May with a portfolio sale of three assisted living communities in Wisconsin. Located in the towns of Waukesha and Oshkosh, they total 255 units and were built between 2005 and 2009. The Waukesha community consists of 85 units, while the two Oshkosh properties (located one mile apart) feature 134 units and 36 units, respectively. Occupancy averaged around 80%, and the facilities wer estimated to have operated at a roughly 25% margin on over $12.84 million of combined revenues. Local public filings revealed LTC Properties as the previous owner, and... Read More »Schedule a demo
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