National Health Investors, Inc. (NH) recently announced that it will be funding a second mortgage for the development and construction of Brentwood at Fore Ranch, an assisted living and memory care community in Ocala, Florida. The three-year loan, which is for $2.5 million, will be fully funded at closing with an annual interest rate of 13%, and comes with two one-year extension options.
Brentwood, which is expected to be completed in one year after construction begins this month, is a 120-bed community developed for Fore Ranch Senior Housing, LLC, by William Karns Enterprises, Inc., and managed by Senior Management Advisors, Inc. The total construction costs for the project are an estimated $21 million.
“NHI is pleased to provide construction financing in this market where the demand for need-driven private-pay assisted living and memory care services is well supported,” NHI CEO and President Justin Hutchens said in a press release. “NHI also has the opportunity to purchase this property at stabilization.”
National Health Investors, Inc., a healthcare real estate investment trust, says that it specializes in financing healthcare real estate by purchase and leaseback transactions, and by mortgage loans.
Written by Alyssa Gerace