Oxnard’s LTC Obtains Revolving Bank Credit
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LTC Properties Inc., an Oxnard-based real estate investment trust, has obtained $25 million in revolving bank credit to finance future mortgage loans and acquisitions.
LTC, which invests in long-term care and other health facilities, also announced that it recently closed nearly $15 million in new investments.
The transactions consisted of mortgage loans totaling $10.9 million and the purchase of a skilled nursing facility for $4 million. The loans are secured mainly by five nursing homes in Alabama, Florida, Georgia and Texas. The facilities have a total of 617 beds.
In addition, the trust said it has purchased a 113-bed facility in Florida and leased it to an operating concern.
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