LTC Properties Inc. has entered into a joint-venture relationship with the affiliates of a geriatric care provider and a senior facility developer to finance the construction of a $23 million senior living complex in Wisconsin, the first deal of its kind for the Westlake Village real estate investment trust. Under the agreement, LTC has partnered with Tealwood Senior Living in Minnesota, which operates 50-plus nursing homes in the Midwest; and Tukka Properties, a developer based in Madison, Wis., to procure land and develop a 110-unit assisted living and memory care facility to be called Hamilton House. When complete, an affiliate of Tealwood will operate the facility in a triple net lease, meaning it will pay real estate taxes, building insurance and maintenance fees to the joint venture, according to LTC. LTC owns the majority stake in joint venture. “Typically, REITs own 100 percent of the property, whereas in this case the operator will retain part of the operations,” an LTC spokeswoman said. The company usually invests in seniors’ housing and health care properties through sale-leaseback transactions and mortgage financing. “We’ve listened to regional operators, understand their need for more creative and flexible financing structures and are executing accordingly,” LTC Chief Executive Wendy Simpson said in a statement. “We are excited about pursuing additional opportunities with (Tealwood and Tukka).” Shares of LTC (NYSE: LTC) fell 15 cents, or less than half a percent, on Wednesday to close at $43.58 on the New York Stock Exchange.