National Health Investors, Inc. (NYSE:NHI) announced on Wednesday that it had acquired a senior living community in Silverdale, Wash. for $25.2 million.
The healthcare real estate investment trust funded the purchase with borrowings on its revolving credit facility. The transaction is expected to close later this week upon final licensing approval.
The 138-unit community provides independent living, assisted living, and rehabilitation care. Salem, Oregon-based Santé Partners entered into a 15-year lease agreement with two 10-year renewal options at a 7.8% lease rate plus annual fixed escalators to manage the property. NHI also extended an additional $3.5 million at an 8.3% lease rate to expand and renovate the acquisition.
“This very attractive acquisition contributes to NHI’s goal of diversifying our portfolio. We are delighted to expand our relationship with Santé Partners,” said Justin Hutchens, NHI’s President and CEO, in a statement.
Written by Alyssa Gerace