LTC Properties, a Westlake Village, California-based real estate investment trust, announced a joint venture agreement with affiliates of Bloomington, Minnesota-based Tealwood Senior Living and Madison developer Tukka Properties to develop a 110-unit senior living campus in Cedarburg.
Hamilton House, a $23 million independent living, assisted living and memory care facility, will be developed on Wauwatosa Road, across the street from Webster Middle School.
The 133,500-square-foot campus will include 82 independent and assisted living apartments and 28 memory care apartments.
The campus is expected to open in spring 2019 and will be operated by an affiliate of Tealwood Senior Living, which operates more than 50 senior living facilities in Minnesota, Iowa, Nebraska and South Dakota.
“We’ve listened to regional operators, understand their need for more creative and flexible financing structures, and are executing accordingly,” said Wendy Simpson, chairman and chief executive officer of LTC. “We are delighted that Tukka is developing this property and are thrilled to welcome Tealwood Senior Living into our portfolio of operators. We are excited about pursuing additional opportunities with them.”
Rachel Pientka, vice president of operations for Tukka Properities, said the facility will embrace Cedarburg’s downtown architecture.
“The building will have a warm and modern farmhouse feel with rustic wood beams, and garden-inspired patterns and colors,” Pientka said.
John Pantone and Matthew Lund of Walker & Dunlop brokered the deal.