National Health Investors Inc has acquired a Lansing, Michigan-based assisted living and memory care facility. NHI provided an initial funding of $10.4 million plus an additional commitment of $475,000 for capital improvements to be financed in the first lease year.
MURFREESBORO, Tenn.–(BUSINESS WIRE)–National Health Investors, Inc. (NYSE:NHI) announced today that it has acquired a 60-unit assisted living and memory care facility in Lansing, Michigan. NHI’s initial investment was $10.4 million plus an additional commitment of $475,000 for capital improvements expected to be fully funded in the first lease year. The facility, originally built in 2001, will be renovated and leased by NHI’s existing tenant, Bickford Senior Living (“Bickford”). The lease will have a term of 14-years with renewal options at an initial annual lease rate of 7.25% plus annual escalators. The acquisition was funded with a draw on NHI’s revolving credit facility and brings the total number of NHI facilities leased to Bickford to 43.
Eric Mendelsohn, NHI CEO and President, stated, “Bickford Senior Living has significant experience operating assisted living facilities in Michigan and is one of our key partners. This acquisition not only illustrates our commitment to expanding our portfolio with high-quality properties with growth potential, but also to strengthening our relationships with our existing, successfully-performing operators.”
Incorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s portfolio consists of independent, assisted and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals. For more information, visit www.nhireit.com.