Murfreeboro, TN-based-National Health Investors Inc. has acquired five assisted living/memory care communities totaling 320 units. The total investment was approximately $69.75 million, inclusive of $500,000 in capitalized transaction costs and $1.75 million for capital improvements.
According to a prepared statement, the communities will be leased to an affiliate of Bickford Senior Living at an initial rate of 6.85% with annual fixed escalators and a 15-year maturity. The purchase was funded with a draw on NHI’s revolving credit facility.
The acquired assets are located in Columbus and Cleveland, Ohio and Erie, Pennsylvania. NHI’s business relationship with Bickford extends to 52 leased assets plus 3 in development.
Eric Mendelsohn, NHI President and CEO, states, “NHI’s successful relationship with Bickford Senior Living exemplifies the commitment we have to helping our partners expand and excel in a competitive market. We are excited to work with an exceptionally high-quality, experienced operator like Bickford and for the opportunity to partner with them as they grow.”
Incorporated in 1991, NHI is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s portfolio consists of independent, assisted and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.