LTC Enters $23 Million Joint Venture with New Partners
WESTLAKE VILLAGE, CA–LTC Properties Inc. (NYSE: LTC), a real estate investment trust that invests in seniors housing and health care properties, today announced it entered into a real estate joint-venture relationship with affiliates of Tealwood Senior Living and developer Tukka Properties to acquire a land parcel and develop Hamilton House, a $23 million, 110-unit independent living, assisted living and memory care campus in Cedarburg, WI.
Construction is slated to start prior to 2018, with a planned opening date of spring 2019. Upon completion, the community will be operated by an affiliate of Tealwood Senior Living under a triple-net lease with the joint-venture. This deal marks a new relationship between Tealwood and LTC, and is LTC’s first joint venture using this model.
“We’ve listened to regional operators, understand their need for more creative and flexible financing structures, and are executing accordingly,” said Wendy Simpson, LTC’s chairman and CEO. “We are delighted that Tukka is developing this property and are thrilled to welcome Tealwood Senior Living into our portfolio of operators. We are excited about pursuing additional opportunities with them.”
Tealwood Senior Living started in 1989 and now has management and operational responsibilities in over 50 nursing home and assisted living communities across Minnesota, Iowa, Nebraska and South Dakota. Tukka Properties is a developer based in Madison, Wisconsin, with both 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,” said Howie Groff, Tealwood’s president and principal. “We are excited about having LTC as our capital partner, and look forward to expanding our relationship while growing our footprint.”
“Embracing Cedarburg’s beautiful downtown architecture and heritage is important to us. The building will have a warm and modern farmhouse feel with rustic wood beams, and garden inspired patterns and colors,” said Rachel Pientka, Tukka Properties’ vp of operations. “Together with LTC and Tealwood, we are striving to create a place residents will truly be excited to call home.”