LTC Inks $17 Million Sale-Leaseback JV Partnership in Virginia

2019 FEB 26 (NewsRx) -- By a News Reporter-Staff News Editor at Daily Real Estate News -- LTC Properties, Inc. (NYSE:LTC), a real estate investment trust investing in seniors housing and health care properties, 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, Virginia 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 Chief Executive Officer. “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.”

(Our reports deliver fact-based news of research and discoveries from around the world.)