NHI Acquires Michigan Assisted Living Facility for $10.8 M
MURFREESBORO, TN–National Health Investors, Inc. (NYSE: NHI) announced today that it has acquired an assisted living/memory care facility in Shelby Township, Michigan, for a total commitment of $10.8 million and will lease the facility to an affiliate of Comfort Care Senior Living.
The facility, Hampton Manor of Shelby, currently has 60 assisted living units in operation. An additional 14 memory care units are under construction, with an expected summer 2019 opening. The 10-year lease will have a lease rate of 7.75% plus annual escalators starting in year 3. The acquisition was funded by NHI’s revolving credit facility.
“NHI is proud to expand relationships with our existing operators through acquisitions such as this with the management at Comfort Care,” said Eric Mendelsohn, NHI President and CEO
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.