04:54 PM EDT, 04/03/2024 (MT Newswires) -- LTC Properties ( LTC ) said late Wednesday it originated a $12.7 million loan for Ignite Medical Resorts, an existing LTC client planning to use the senior credit facility to fund Ignite's purchase of a skilled nursing and assisted living campus in Katy, Texas.

The five-year, interest-only loan package carries a 9.15% annual coupon and includes an $800,000 capex investment for campus improvements. The real estate investment trust expects the investment to generate $884,000 in revenue this year.

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