NHI Announces Acquisition of North Carolina Assisted Living/Memory Care Community
MURFREESBORO, TN–National Health Investors, Inc. (NYSE: NHI) announced today it has exercised its purchase option to acquire Spring Arbor of Durham, a 32-unit assisted living and memory care community in Durham, North Carolina.
The community was part of a purchase option negotiation with NHI’s tenant Navion Senior Solutions (Navion), formerly Ravn Senior Solutions, when NHI purchased two communities in North Carolina in February 2017.
NHI’s investment will include the purchase price of $7,550,000 and up to $650,000 for a 4-unit expansion and capital improvements to the existing building. The community will be added to an existing master lease with nearly 14 years remaining at a blended yield of 7.15% with annual escalators and two 5-year renewal options. NHI purchased the community with a draw on its revolving credit facility
NHI’s President and CEO, Eric Mendelsohn, stated, “The early execution of this purchase option is an example of our commitment to work with our operating partners to make sound investments and strengthen our business relationships.”