LTC Properties Buys 5 Nursing Facilities
LTC Properties Inc., an Oxnard-based real estate investment trust, has acquired five skilled nursing facilities with a total of 600 beds in Florida.
LTC paid $23 million for the centers and also provided $3.5 million in financing on another Florida facility, reports Andre C. Dimitriadis, the trust’s chairman and chief executive.
The deals, along with mortgage loans made on two other nursing centers in California and Arizona, bring to $32.4 million the amount invested by LTC in the past two weeks--a record for the 2-year-old trust.
“Actually, we’ve been working on these projects for quite a while,” Dimitriadis said. “They all happened to wind up at about the same time.” He said all six Florida properties will be managed by Horizon Healthcare Corp.
He added that LTC has commitments to fund $19.1 million more in health care-related investments in the near future.
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