LTC Inks $17 Million Sale-Leaseback JV Partnership in Virginia
WESTLAKE VILLAGE, CA–LTC Properties, Inc. (NYSE:LTC), a real estate investment trust investing in seniors housing and health care properties, today announced it has entered into a real estate joint venture relationship with an affiliate of English Meadows Senior Living Communities to acquire English Meadows Abingdon Campus in Abingdon, VA, for approximately $17.0 million, at an initial lease rate of 7.4%. LTC has a 95% interest in the joint venture.
Opened in 2015, English Meadows Abingdon Campus comprises 74 assisted living and memory care units, with a stabilized occupancy of 90% as of closing. The property will be operated by English Meadows Senior Living Communities (English Meadows), a new operating partner for LTC.
“We are excited to partner with English Meadows on the Abingdon campus,” said Wendy Simpson, LTC’s Chairman and CEO. “Our ability to provide creative financing solutions as we did with this transaction allows us to attract and develop solid relationships with strong, regional operating partners, an important group for LTC.”
“LTC worked closely with us to truly understand our requirements for the Abingdon Campus, and we are very pleased to begin our relationship with them,” said Mike Williams, CEO of English Meadows Senior Living. “With a well-capitalized financing source like LTC, we are now in an even better position to grow our business with this new capital partner.”
English Meadows was founded in 2008 with the mission to provide affordable, quality senior living care for residents, while providing a rewarding and enjoyable workplace for team members. English Meadows currently operates eight campuses across the Commonwealth of Virginia.
LTC is a real estate investment trust investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions including preferred equity and mezzanine lending. LTC holds more than 200 investments in 28 states with 30 operating partners. The portfolio is comprised of approximately 50% seniors housing and 50% skilled nursing properties.