ATLANTA — LTC Properties Inc. (NYSE: LTC) has closed on a $6.8 million mezzanine loan for the construction of Corso Atlanta, a nine-acre campus in the Buckhead area of Atlanta.
The 204-unit gated community will offer 82 independent living units, 21 independent unit cottages, 75 assisted living units and 26 memory care units.
Atlanta-based Village Park Senior Living will operate the community upon opening in winter 2020. This is the first partnership between Village Park and LTC.
The five-year mezzanine loan bears interest at 12 percent.
“We are continuing to pursue strategic mezzanine financing when we see a clear pathway to growth with new partners, and when it makes financial sense for LTC and our shareholders” says Wendy Simpson, LTC’s CEO and president. “We like Village Park’s vision and approach to senior living and are excited to welcome them as a new partner.”