LTC, Tealwood, Tukka to Develop $23M Community in Wisconsin

CEDARBURG, Wis. — LTC Properties Inc. (NYSE: LTC) has entered into a joint venture with affiliates of Tealwood Senior Living and developer Tukka Properties to develop a $23 million independent living, assisted living and memory care community in the Milwaukee suburb of Cedarburg.

Named Hamilton House, the property will offer a total of 110 units. Construction has already begun for a planned opening in spring 2019.

LTC, a California-based REIT, is the capital partner on the development. Tealwood will operate the community under a triple-net lease once the property is opened. It is the first joint venture between the three companies, though LTC hinted that there will be more in the future.

“We are delighted that Tukka is developing this property and are thrilled to welcome Tealwood Senior Living into our portfolio of operators,” says Wndy Simpson, chairman and CEO of LTC. “We are excited about pursuing additional opportunities with them.”

Tealwood Senior Living started in 1989 and now has management and operational responsibilities in over 50 nursing home and assisted living communities across Minnesota, Iowa, Nebraska and South Dakota. Tukka Properties is a developer based in Madison, with both senior living facilities and other projects around the state.

John Pantone and Matthew Lund of Walker & Dunlop brokered the deal.

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