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OREGON and MONTANA — LTC Properties Inc. (NYSE: LTC) has originated a $25 million mezzanine loan for the recapitalization of a five-property seniors housing portfolio.
The loan has a term of five years and two months, with two one-year extension options. It bears interest at 8 percent, with an IRR of 11 percent.
Located in Oregon and Montana, The Springs Living operates the five communities, which include independent living, assisted living and memory care and total 621 units. The Springs is a new operator partner for LTC.
Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior Housing arranged the nonrecourse, five-year, floating-rate loan with 18 months of interest-only payments.