LTC and Anthem Open New Memory Care Community Near Denver

by Jeff Shaw

WESTMINSTER, Colo. — LTC Properties, Inc. (NYSE:LTC), a real estate investment trust that primarily invests in seniors housing and health care properties, and Anthem Memory Care have opened a new 60-unit memory care community located in Westminster, Colo., near Denver.

Developed at a cost of approximately $10.7 million, the Westminster community represents the fourth project completed in a partnership between LTC and Anthem. The facility is leased by an affiliate of Anthem under an existing 10-year master lease at an initial cash yield of 9.25 percent.

LTC will finance Anthem’s entrance into the Chicago market under the parties’ exclusive development pipeline agreement, with the first project already underway in Burr Ridge, Ill., and two more expected to break ground later this year. In addition, LTC plans to finance Anthem’s initial development project in Southern California, also slated to break ground in 2015.

You may also like