LTC Providers Make Deals

LTC Properties is a self-administered real estate investment trust that invests mainly in LTC facilities and other health care-related facilities through mortgage loans, facility lease transactions and other investments.

Earlier this month, LTC Properties announced that it had acquired a 196-bed skilled nursing facility in Pasadena, Texas, through a sale-lease back transaction, for a purchase price of $15.5 million.

The company also paid $844,000 for a vacant lot in Amarillo, Texas, and it agreed to provide up to $8.25 million in financing for the construction of a 120-bed skilled nursing facility that is supposed to replace an existing 90-bed skilled nursing facility.

Meanwhile, another player in the LTC facility market, Rollins-Nelson Healthcare Management Company Inc., Torrance, Calif., has arranged for a $20 million senior secured credit facility from Oxford Finance L.L.C., Alexandria, Va.

Rollins-Nelson will use the money for working capital, and to acquire a skilled nursing facility in Southern California, Oxford Finance says.

Rollins-Nelson runs 6 skilled nursing facilities and a resident care facility in Southern California. The facilities have a total of 908 beds.

Capital Senior Living Corp., Dallas (NYSE:CSU), a senior living community operator, has acquired two communities in South Carolina and a third in North Carolina for a total of $30 million.

The facilities offer independent living housing, assisted living housing, and memory care. They have an average occupancy rate of 92% and $2,900 in average monthly rents.

Financing for the deals includes about $22 million in 10-year fixed rate debt with an interest rate of 4.92%.