Thu, May 17, 2012 12:17
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California Firm Buys Houston Nursing Home, Amarillo Real Estate

Texas Business reports:  LTC Properties Inc. acquired, in a sale-lease back transaction, a skilled nursing property built in 2005 with 196 licensed beds in Pasadena, Texas, for a purchase price of $15,500,000.

 Additionally, the company bought a vacant parcel of land in Amarillo, for a purchase price of $844,000 and entered into a commitment, in an amount not to exceed $8,250,000, to fund the construction of a 120-bed licensed skilled nursing property.

This new property will replace a 90-bed licensed skilled nursing property in the company's existing portfolio.

Completion of construction is estimated to be within 12 to 18 months and upon completion the lessee intends to relocate the residents from the existing skilled nursing property to the new property and the existing property will be classified as held-for-sale.

These two properties are leased to an operator within LTC's existing  portfolio.

LTC Properities is a self-administered real estate investment trust that primarily invests in long-term care and other health care related facilities through mortgage loans, facility lease transactions and other investments.