LTC Properties Inc. has sold $70 million in senior unsecured notes to pay down its credit line. The Westlake Village real estate investment trust, which owns long-term care and other health-care properties, sold the notes at an annual fixed rate of 3.99 percent. The notes, which were sold last week, will mature in eight years. LTC has investments in 84 skilled-nursing properties, 105 assisted living facilities, nine range-of-care properties, two schools and six parcels of land under development. Shares closed down 23 cents, or less than 1 percent, at $38.30 on the New York Stock Exchange. Ryland Group Inc. announced Monday that it has opened a residential development in Texas. Eastlake at Gleannloch Farms, set in a master planned community near Houston, features two-story floor plans that range from 2,340 to 3,478 square feet. Homes start at $280,000. The Westlake Village homebuilder has opened several communities in Colorado, Indiana and Texas in the last few months. The company has operations in 14 states. Shares closed down 52 cents, or 1 percent, to $37.90 on the New York Stock Exchange.
