The key to the success of redevelopment projects is the close working relationships we maintain with our operating partners, which provides LTC with unique opportunities to deploy capital, continually improve our portfolio and further strengthen relationships with our operating partners.
Working in close collaboration with our operating partners means being able to adapt to their changing needs. When Summit Care, a long-term LTC operating partner, identified evolving market conditions in Bradenton and Lecanto, they approached LTC with a plan to convert the existing, purpose-built assisted living component of each building into private short-term, post-acute rehabilitation suites with a substantially enhanced therapy gym.
Summit developed a comprehensive plan for the redevelopment project at each property that LTC reviewed and approved. LTC provided 100% financing for the redevelopment projects via a $2.3 million construction loan, granting Summit timely access to the capital it needed to maintain a strong competitive position in these established markets.