A new assisted living/memory care community is being built in Oshkosh, Wisconsin thanks to a construction loan provided by National Health Investors. Totaling 66 beds, this development will be managed by 41 Management upon completion in about a year. 41 Management has been growing steadily since its founding in 2011, with a portfolio now numbering 28 communities throughout the Midwest, not including two other properties currently in development.
This is NHI’s first deal with the operator. The $10.8 million loan comes with a five-year term and annual interest rate of 8.5%, plus two one-year renewal options. Funding of the construction will also be provided by periodic draws on NHI’s revolving credit facility.