LTC Properties announces acquisition of two land parcels

theflyonthewall.com

LTC Properties announced that it had purchased two parcels of land for a total of $3.1M and entered into development commitments totaling $26.2M. In December 2012, the company purchased an 11.2 acre vacant parcel of land in Northern Kentucky for $2.1M. Simultaneous with the purchase, the company added the land parcel to an existing master lease with affiliates of Carespring Health Care Management and made a development commitment to fund the construction of a 143-bed skilled nursing facility in an amount not to exceed $21.4M. Also in December 2012, the company purchased a 6 acre parcel of land in Frisco, Texas for $1M and entered into a lease and development commitment with affiliates of Mustang Creek Estates in an amount not to exceed $4.8M for the construction of an 81-unit assisted living and memory care facility.

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