NHI Provides $10.8 Million Construction Loan for Wisconsin Assisted Living/Memory Care Facility
MURFREESBORO, TN–National Health Investors, Inc. (NYSE: NHI) announced it will fund a $10.8 million construction loan for a 66-bed assisted living and memory care community located in Oshkosh, WI. Construction on the facility is expected to begin immediately after closing and to be completed within 12 months. The five-year loan will have an annual interest rate of 8.5% and two one-year renewals. Funding of this construction will be provided from periodic draws on NHI’s revolving credit facility. The new community will be managed by 41 Management, LLC, a growing Midwest operator owned by Thomas Ostrom, which currently manages 28 buildings and has two more in development.
“NHI is pleased to provide construction financing in the Oshkosh market and to establish a new relationship with 41 Management,” said Eric Mendelsohn, NHI President and CEO. “We like that 41 Management is experiencing considerable growth with a clear geographic concentration and focused operating model in Wisconsin.”
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.