Senior Living Communities (SLC) secured financing from National Health Investors to purchase and renovate a 248-unit CCRC in Columbia, South Carolina, bringing the REIT’s relationship with SLC to 11 properties with either a long-term lease or a mortgage loan. The $35 million, or $141,100 per unit, purchase price was funded by a draw on NHI’s revolving credit facility with a $32.7 million loan. It came with a five-year term and two one-year extension options at an interest rate of 7.25%.
Originally built in 2000 and continuously expanded through 2014, the entrance fee community has 76 independent living homes, 60 IL units, 40 assisted living units, eight memory care units and a 64-bed skilled nursing facility (with an 80-bed licensed capacity). Plus, there was a two-story common building with extensive amenities. David Kliewer, Paul Carr and Allen McMurtry of Cushman & Wakefield represented the seller, Pennsylvania-based The Hollinger Group, in the transaction.
NHI also received a purchase option on the property throughout the term of the loan and up to six months after its maturity. SLC will take over operations and oversee the renovations at the community.