National Health Investors Announces Acquisitions
National Health Investors wasted no time in making news this 2020. The REIT first announced that it was the buyer in Evans Senior Investments’ latest deal in Minnesota. Built in 2011 next to a lake about 20 miles from Minneapolis and St. Paul, the 48-unit assisted living/memory care community was previously owned by Coventry Senior Living and operated by Ebenezer. They left it in good shape, with occupancy around 90% and more than 80% of its census derived from private pay residents. In the trailing-12 months, it was also bringing in more than $660,000 in EBITDAR on more than $3.0 million of revenues, a healthy figure that also offers some room for improvement. NHI, with 41... Read More »
NHI Grows Its Colorado Portfolio
National Health Investors has added another property to its growing portfolio. Paying $7.6 million, or $149,000 per unit (including $100,000 of closing costs), the REIT acquired a 51-unit assisted living community in Pueblo, Colorado. Built in 1997 with an addition in 2008, the community was 96% occupied at the time of the sale. Cappella Living Solutions, which is owned by the not-for-profit Christian Living Communities and operates a portfolio of 26 communities, will take over the lease, under a 15-year term and an annual lease rate of 7.25%. The agreement included a CPI-based escalator with a floor of 2% beginning August 2020. NHI funded the deal with proceeds from its revolving credit... Read More »
NHI Expands Relationship with Senior Living Communities
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... Read More »
NHI Provides Construction Financing for Wisconsin Development
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... Read More »Schedule a demo
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