LTC Properties Inc. on Thursday announced a $10 million joint venture with an affiliate of Affinity Living Group.
The Westlake Village real estate investment trust company entered the joint venture to acquire The Inverness at Spartanburg, an 87-unit assistant living facility in South Carolina. The facility will be operated by an affiliate of Affinity Living Group under a triple-net agreement.
“We are continuing our strategy of providing innovative and flexible financing solutions in response to changing needs of regional operating partners,” Wendy Simpson, LTC chief executive, said in a statement.
Affinity is a new operating partner for LTC.
Shares of LTC Properties (LTC) closed Thursday down $1.29 or 3 percent to $39.69 on the New York Stock Exchange.