Anthem Memory Care
|
Anthem Memory Care, an Oregon-based company, has been granted a special use permit from the Village of Oak Lawn to build and operate an approximately 43,000 square foot, two-story memory care facility just south of the intersection of 101st Street and Major Avenue - one full block west of Central Avenue. This 66 unit facility will provide secured housing for up to 82 Alzheimer's and dementia patients.
|
Anthem Memory Care is in default on their master lease with LTC Properties
LTC REIT held their Q4 2018 Earnings Call on March 1, 2019 and here is an excerpt from LTC REIT's Q4 2018 Supplemental Operating and Financial Data summary report...
"During 2017, we issued a notice of default to Anthem resulting from Anthem’s partial payment of minimum rent. Anthem operates 11 operational memory care communities under a master lease. We are currently not pursuing enforcement of the guarantees and our rights and remedies pertaining to known events of default under the master lease, with the stipulation that Anthem achieve sufficient performance and pay an agreed upon cash rent for these 11 properties. During 2018, Anthem paid the agreed upon minimum cash rent of $5.2 million. Subsequent to December 31, 2018, Anthem agreed to pay a minimum of $7.5 million of annual cash rent throughout December 31, 2019. We receive regular financial performance updates from Anthem and continue to monitor Anthem’s performance obligations under the master lease agreement."
"During 2017, we issued a notice of default to Anthem resulting from Anthem’s partial payment of minimum rent. Anthem operates 11 operational memory care communities under a master lease. We are currently not pursuing enforcement of the guarantees and our rights and remedies pertaining to known events of default under the master lease, with the stipulation that Anthem achieve sufficient performance and pay an agreed upon cash rent for these 11 properties. During 2018, Anthem paid the agreed upon minimum cash rent of $5.2 million. Subsequent to December 31, 2018, Anthem agreed to pay a minimum of $7.5 million of annual cash rent throughout December 31, 2019. We receive regular financial performance updates from Anthem and continue to monitor Anthem’s performance obligations under the master lease agreement."
Please visit the "Signs of Trouble" page for more information related to the Anthem Memory Care master lease default situation with LTC REIT.
|
Variation Requested for Additional Fencing to Address a "New" Safety Concern
Please visit the "Safety Concern" page for more information related to the proposal for additional fencing.
|