Atlanta-Area Senior Housing Community Lands $51M
LTC Properties acquired a participation in an existing mortgage loan.
LTC Properties Inc. has provided a $51.1 million investment for the refinancing of Corso Atlanta, a 203-unit luxury senior housing community in Atlanta.
The investment was made by acquiring a participation in an existing mortgage loan. The new loan will be used to pay off LTC’s outstanding $7.5 mezzanine loan and certain current banks. The rate on the new mortgage loan is 7.5 percent, with an IRR of 7.75 percent. In 2023, LTC predicts to record approximately $3.4 million of interest income from the mortgage loan and $1.4 million of additional interest during the first quarter related to the exit IRR on the payoff of the mezzanine loan, which was scheduled to mature in December 2023.
Focus on luxurious amenities and wellness
The luxury community offers independent living, memory care and licensed assisted living units with European aesthetics and luxurious finishes. Corso Atlanta’s services focus on mental fitness, medical wellness and social engagement. The senior living facility features 24/7 on-site nurses, medication management, monitored care call system, concierge transportation, wellness services, diabetic care, daily living assistance and enrichment programs.
Corso Atlanta encompasses one- and two-bedroom floorplans ranging between 855 and 1,655 square feet. The senior housing community offers a fitness center, spa, swimming pool, salon, library, theater, bistro, tea house and formal dining room. Apartment amenities include stainless steel appliances, washers and dryers, oversized walk-in closets and private patios. LTC’s Chairman & CEO Wendy Simpson said in prepared remarks that the community is billed as Atlanta’s most luxurious senior living community.
The property is located at 3200 Howell Mill Road, in the Buckhead area of Atlanta. The community is near the junction of Route 41 and Interstate 75, providing direct access to downtown Atlanta. There are several dining options and retail centers in the property’s proximity.