September 6, 2016
National Health Investors acquired two senior living facilities, totaling 134 units, in McMinnville, OR. The Mufreesboro, TN REIT paid $36.6 million for the properties, then leased them to Chancellor Health Care LLC. The lease term is 15 years, with an annual lease rate of 7.5%, plus annual fixed escalators.
The first facility, opened in 2008 and expanded in 2015, consists of two buildings and includes a total of 16 independent living units, 29 assisted living units and 54 memory care units. The second facility, opened in 2015, is comprised of 35 memory care units. With this purchase, NHI now leases seven senior living facilities to Chancellor.
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