Ignite Gets $12.7M Loan From LTC Properties; Catholic Hospital System Sells 237-Bed Skilled Nursing, Senior Housing

LTC Properties (NYSE: LTC) has extended a $12.7 million senior loan to Ignite Medical Resorts, a current LTC operator, for the purchase of a skilled nursing and assisted living campus in Katy, Texas.

The investment is termed an unconsolidated joint venture, LTC said in a press release.

The California-based real estate investment trust also said that the five-year loan to Ignite is interest only at a current rate of 9.15% and includes a CapEx investment of approximately $800,000 for campus improvements. LTC expects this investment to generate approximately $884,000 of revenue in 2024.


The campus includes 78 total units split between 48 skilled nursing and 30 assisted living. It has a total of 104 licensed beds, with 70 being skilled nursing and 34 assisted living. The property was built in 2017.

“We are very pleased to assist our long-term partner, Ignite, with the purchase of this property, building on the strong relationship we have had with them since 2019. We look forward to continued growth with them,” said Wendy Simpson, LTC’s chairman and chief executive officer. “We are focused on providing flexible financing, including through shorter-term vehicles, that provides growth capital for our operators, while also generating meaningful returns for LTC and our shareholders.”

Ignite currently operates 22 luxury properties in Illinois, Indiana, Kansas, Missouri, Oklahoma, Texas and Wisconsin, with seven of these being part of LTC’s portfolio since Dec. 31.


LTC’s investment portfolio includes 202 properties in 26 states with 31 operating partners. The portfolio comprises approximately 50% seniors housing and 50% skilled nursing properties.

Texas-based Catholic hospital system sells its skilled nursing and senior housing communities

Senior Living Investment Brokerage facilitated the sale of a portfolio in Southeast Texas consisting of an assisted living facility in Bryan and a skilled nursing facility in Caldwell. Offering 237 beds, the communities are approximately 137,265 square feet in total.

The facilities are located within 25 miles of each other – in and around the Bryan-College Station market. Both communities are enrolled in the Quality Incentive Payment Program (QIPP).

The seller is a non-profit Catholic hospital system, which was selling its only skilled nursing and senior housing communities.

Meanwhile, the buyer owns several skilled nursing facilities in Texas and is leasing the operations of these buildings to a group out of the Dallas-Fort Worth area.

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