NHI acquires senior living campus
National Health Investors is to purchase a senior living complex in Washington in a $25.2 million deal.
National Health Investors (NHI) has announced it is to acquire a senior living campus in Washington.
Set to be completed this week, once final licensing approval has been obtained, the $25.2 million (£16 million) deal for the 138-unit residential complex will be funded from the investment trust's revolving credit facility.
Oregon-based Sante Partners will enter a 15-year lease agreement, which includes two ten-year renewal options and is set at a 7.8 per cent lease rate, to manage the development, merger and acquisition consultants may be interested to note.
"This very attractive acquisition contributes to NHI's goal of diversifying our portfolio. We are delighted to expand our relationship with Sante Partners," Justin Hutchens, NHI president and chief executive officer, stated.
The organisation, which specialises in financing healthcare real estate deals through purchase and leaseback transactions and mortgage loans, is also to provide an additional $3.5 million at an 8.3 per cent lease rate to finance the centre's expansion and refurbishment.
Posted by Ron Maverick
Source: National Health Investors press release, August 15th