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LTC Invests $51 million for Refinance of Seniors Housing Campus in Upscale Atlanta Area

LTC Properties, Inc. (NYSE: LTC) a real estate investment trust that primarily invests in seniors housing and health care properties, today announced a $51.1 million investment in Corso Atlanta by purchasing a participation in an existing mortgage loan. The new loan will be used to pay off certain current banks and LTC’s outstanding $7.5 million mezzanine loan, which was funded in 2019 for the community’s construction.

Corso Atlanta, located in the Buckhead area of Atlanta, is a new, luxury 203-unit gated independent living, licensed assisted living and memory care community owned and operated by an existing LTC partner, an affiliate of Galerie Living. The rate on the new senior mortgage loan, which matures in October 2024, is 7.50%, with an IRR of 7.75%. LTC expects to record $3.4 million of interest income from this mortgage loan during 2023, as well as $1.4 million of additional interest during the 2023 first quarter related to the exit IRR on the early payoff of its mezzanine loan scheduled to mature on December 1, 2023.

“This latest transaction builds nicely on the $128 million investment we completed earlier this year. In 2023 to date, we have already eclipsed our total investment activity from last year, and we expect to continue identifying new opportunities to bring additional value to our stakeholders,” said Wendy Simpson, LTC’s Chairman and CEO. “Importantly, this increased investment in Corso Atlanta also builds on our successful relationship with Galerie Living, an innovative developer, owner and operator of sophisticated seniors housing communities. Corso Atlanta is billed as Atlanta’s most luxurious senior living community, and based on our experience, it lives up to that billing.”

“LTC has been a great partner to us since 2019, and we are happy to be expanding our relationship with them,” said Tim Gary, Founder and CEO of Galerie Living. “By recapitalizing Corso Atlanta, one of our flagship communities, we’ll be better positioned to continue our growth by providing residents with improved access to top-notch accommodations and services, underpinned by our four key values: happiness, excellence, innovation and dignity.”

About LTC Properties

LTC is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions including preferred equity and mezzanine lending. LTC’s investment portfolio includes 215 properties in 29 states with 31 operating partners. Based on its gross real estate investments, LTC’s investment portfolio is comprised of approximately 50% seniors housing and 50% skilled nursing properties. Learn more at

This press release includes statements that are not purely historical and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future. All statements other than historical facts contained in this press release are forward looking statements. These forward-looking statements involve a number of risks and uncertainties. All forward looking statements included in this press release are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such forward looking statements. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.


Mandi Hogan

(805) 981-8655

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