LTC Properties Inks $38M Deal for Two Ignite Transitional Skilled Nursing Facilities

LTC Properties (NYSE: LTC) on Friday announced a $38 million pair of transactions that will see the real estate investment trust (REIT) strike up a new relationship with transitional-care operator Ignite Medical Resorts.

The two separate agreements consist of a $19.5 million deal to purchase a recently constructed 90-bed skilled nursing facility in the Kansas City market, and an $18.4 million land-and-development deal for a second 90-bed SNF set to open in the fall of 2020, LTC chief investment officer Clint Malin said during the company’s second-quarter earnings call.

The Niles, Ill.-based Ignite Medical Resorts, a chain with a focus on high-end transitional care properties, will serve as the operator for the two Missouri buildings, with Avenue Development handling the design and construction process for the new property.

Full story at Skilled Nursing News