A publicly traded REIT based in Murfreesboro, Tennessee, acquired two assisted living and memory care communities and closed two loan agreements, investing $89.2 million, including transaction costs, across the four separate deals at an average initial yield of 8.02%.
National Health Investors purchased a 107-unit AL/MC community in Jamison, Pennsylvania, that is operated by Priority Life Care. It appears to be The Bridges at Warwick, and Priority will remain in-place, marking a new relationship with NHI. The sales price was $52.1 million, or $486,900 per unit, including transaction costs. The community is leased pursuant to a five-year term with an initial lease rate of 8.00% plus a revenue participation feature. In addition, the REIT and operator pre-negotiated terms that would allow NHI to acquire the operations of the property pursuant to a RIDEA-compliant structure.
National Health Investors also paid $7.0 million ($125,000 per unit), including transaction costs, to acquire a 56-unit AL/MC community in Anniston, Alabama. Its current manager, William James Group, will stay on as operator, with the property added to the existing triple-net master lease. Built in 2000, it had recently received a full interior renovation. The master lease has an existing lease rate of 8.25% with fixed annual escalators of 2.00% and matures in November 2034. The operator now manages four properties for NHI.
Dan Geraghty and Brad Clousing of Senior Living Investment Brokerage handled the sale of the Anniston community, representing the Southeast-based seller (see more details on that transaction here on LevinPro LTC).
An additional investment includes $18.8 million funded for a mortgage note receivable secured by a 94-unit assisted living/memory care community in Mount Pleasant, South Carolina. The five-year loan agreement with Fellowship Senior Living has an annual interest rate of 8.50% with an option to purchase the property upon the satisfaction of certain conditions.
Lastly, National Health Investors funded $11.3 million for a mortgage note receivable secured by a 141-unit independent living community in Wichita Falls, Texas. The five-year loan agreement with affiliates of Silver Wave Capital has an annual interest rate of 8.75% with an option to purchase the property upon the satisfaction of certain conditions.
NHI has now completed investments of approximately $392.4 million year-to-date in 2025 at an average initial yield of 8.10%. The REIT currently has approximately $214.0 million in signed letters of intent at an average expected yield of approximately 7.80% after routine capital expenditures and primarily structured as SHOP investments. In addition, NHI is evaluating an incremental pipeline of approximately $423 million in seniors housing investments excluding large portfolio deals.
