LTC Properties Inc., a real estate investment trust specializing in senior housing and health care properties, has entered into a joint venture buy-leaseback relationship with English Meadows Senior Living Communities, based out of Virginia.
The Westlake Village company acquired the English Meadows Abingdon Campus in Abingdon, Va. for approximately $17 million at an initial lease rate of 7.4 percent, according to a statement.
LTC has a 95 percent interest in the joint venture.
“We are excited to partner with English Meadows on the Abingdon campus,” said Wendy Simpson, chief executive at LTC. “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.”
English Meadows Abingdon Campus opened in 2015 and currently has 74 assisted living and memory care units. The campus had 90 percent occupancy as of closing. English Meadows will still handle operations at the facility.
Shares of LTC (LTC) closed Monday up 10 cents, or a fraction of a percent, to $47.76 on the New York Stock Exchange.