National Health Investors Inc. will finance $32.7 million for the purchase and renovation of a 248-unit continuing care retirement community in Columbia, South Carolina, to be operated by an affiliate of Senior Living Communities.
According to a prepared release, the loan will have a five-year maturity with two one-year extension options at an interest rate of 7.25%. NHI will have a purchase option on the property during the term of the loan and for up to six months after its maturity.
The new loan was funded by a draw on NHI’s revolving credit facility. With this addition, NHI has eleven communities under a long-term lease or mortgage loan with SLC.
Eric Mendelsohn, NHI President and CEO, stated, “SLC is a highly-valued partner of NHI and we both desire to continue to grow the relationship. We are pleased to finance this new acquisition, as the community fits well with the SLC footprint and will be an excellent addition to their management platform.”
National Health Investors, Inc. 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.