NHI Announces $10 Million Mortgage Loan For Acquisition Of New Hampshire Memory Care Community
MURFREESBORO, TN–National Health Investors, Inc. (NYSE:NHI) announced today that it has financed the acquisition of a 40-unit memory care community with Evolve Senior Living, a new partner with NHI. The facility was built in 2013 and is located in Rye, New Hampshire. NHI’s total investment was $10 million and is secured with a first mortgage with an initial term of 5 years with renewal options and an interest rate of 8.0%. The acquisition was funded with a draw on NHI’s revolving credit facility. NHI has a purchase option after 24 months and once certain performance goals are achieved.
Eric Mendelsohn, NHI President and CEO, stated, “We are very pleased to add Evolve Senior Living to our list of partners. This is an acquisition of a high-quality asset in a very affluent market.”