Source: National Health Investors / #Senior #Housing
CHEHALIS, WA - National Health Investors announced that it has acquired a 98-unit independent living community in Chehalis, Washington, located approximately 40 miles outside Olympia, and leased the community to a partnership between Marathon Development and Village Concepts Retirement Communities.
The total investment in the community will be $9.8 million including $350,000 for capital improvements. The lease is for a period of 15 years at an initial annual rate of 7.25% plus annual escalators from 2% to 3%. The acquisition was funded with borrowings on NHI’s revolving credit facility.
“We are excited to announce this new relationship with Marathon and Village Concepts,” said Eric Mendelsohn, NHI’s CEO and President. “Village Concepts has extensive experience in providing senior living community management and a commitment to providing each resident with independence and security. Marathon is led by a team with extensive real estate experience in project development, acquisitions and financing of senior communities. We believe this combination will provide a solid, productive collaboration and an excellent addition to our portfolio.”
National Health Investors 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.