Assisted Living Facilities Come to Market

LTC properties has launched efforts to re-lease a portfoloio of 37 assisted living communities to take advantage of the growing healthcare market. They have created a strategic geographical portfolio, and believe this is an economic opportunity for many assisted living providers.

By Kelsi Maree BorlandLos Angeles

WESTLAKE VILLAGE, CA-LTC Properties has launched efforts to re-lease a portfolio of 37 assisted living communities located throughout the Pacific Northwest, Midwest and Texas. The company has already renewed leases with Assisted Living Concepts Inc. andExtendicare Health Services Inc., whose leases expired December 31, 2013.


LTC Properties is launching the re-leasing efforts in the hope of capitalizing on the expanding healthcare market. “We believe the significant potential upside of this portfolio represents a compelling economic opportunity for many quality assisted living providers,” saysWendy Simpson, CEO, president and chairman of LTC Properties. “The portfolio’s strategic geographic concentrations offer potential operators the opportunity to either leverage their existing footprint in these markets or to establish new operating regions with ample critical mass.”

Several healthcare providers and insurers have recently augmented their leases due to expected growth from the roll out of the Affordable Care Act. Late last year, the long vacant Century City Hospital inked two major leases with UCLA Health System and Cedars-Sinai Medical Centervalued at $80 million, while L.A. Care Health Plan increased its lease at the Garland Center by 47,000 square feet.

The portfolio received $11 million in annualized GAAP rent, which represents 9.3% of the company’s pro-forma revenues. CS Capital Advisors LLC has been hired to market the property for LTC.

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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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