NHI Acquires Ohio Senior Housing Portfolio for $70M
- May 07, 2018
National Health Investors Inc. (NHI) has bought five assisted living and memory care communities in Columbus, Ohio, Cleveland and Erie, Pa., for $69.7 million, which include $500,000 in capitalized transaction costs and $1.8 for capital improvements.
Totaling 320 units, the communities will be leased to an affiliate of Bickford Senior Living at an initial rate of 6.9 percent with annual fixed escalators and a 15-year maturity. The purchase was funded with a draw on NHI’s revolving credit facility.
“NHI’s successful relationship with Bickford Senior Living exemplifies the commitment we have to helping our partners expand and excel in a competitive market,” said Eric Mendelsohn, president & CEO of NHI, in prepared remarks.
In another recent deal, NHI paid $7.6 million to acquire an assisted living and memory care community in Durham, N.C. The acquisition was part of a purchase option negotiation with NHI’s tenant Navion Senior Solutions, formerly Ravn Senior Solutions, dating back to February 2017, when NHI purchased two other assisted living communities in North Carolina.