Real estate investment trust LTC Properties Inc. announced Wednesday it has entered into a $141 million mortgage loan agreement with affiliates of a Louisville health care company
Prestige Healthcare, which operates skilled nursing facilities in seven states, received the loan to secure 24 independent-living units and 15 properties with 2,092 licensed skilled-nursing beds in Michigan.
LTC, based in Westlake Village, primarily owns and manages long-term care and other health care properties, but also has a lending arm. The Prestige loan has a term of 30 years with an initial interest rate of 9.41 percent for the first five years, which then grows by 2.25 percent annually.
Under certain conditions, including a change in the regulatory environment, LTC has an option to purchase the properties.
At the beginning of the year, LTC had investments in 89 skilled nursing properties, 102 assisted living properties, 14 other senior housing properties and two schools. Nursing facilities operated by Prestige total 2.500 beds.
Shares of LTC lost 51 cents, or 1.3 percent, to close at $37.49 on the New York Stock Exchange.