LTC Properties Inc. announced on Tuesday that it has agreed to spend $19.6 million to construct communities in Colorado for elderly patients with memory disorders.
The Westlake Village company, which owns and manages long-term care and other health-care properties, has partnered with Anthem Memory Care of Lake Oswego, Ore. to fund the construction. One project would total 60 units and the other 56 in the greater Denver area.
As part of the deal, LTC has acquired two parcels of land for about $2.1 million, giving it exclusive opportunity rights to finance any senior housing development projects or acquisitions originated by Anthem through May 2018.
“LTC is excited to expand its memory care development initiative with Anthem and to jointly pursue further opportunities through our pipeline agreement,” said LTC Chief Executive Wendy Simpson, in a statement.
Anthem Memory Care is a company that has developed and leased more than 60 senior communities around the country.
Shares closed down 68 cents, or more than 2 percent, to $36.54 on the New York Stock Exchange.