June 5, 2019
Murfreesboro, TN-based National Health Investors Inc. has announced it has entered into a $128.3 million joint venture with affiliates of Discovery Senior Living. Six properties, located in Pennsylvania, Maryland and Indiana, will be purchased as part of the transaction.
The properties consist of 145 independent units, 356 assisted living units and 95 memory care units. They will be leased to affiliates of Discovery in a 10-year lease. NHI has also committed to a senior mortgage loan of $6 million at 7% annual interest extended to affiliates of Discovery for an additional property in Indiana for which the joint venture will have the option to purchase at stabilization. The facility consists of 52 assisted living units and 22 memory care units. The loan is scheduled to be closed by June 30.
“NHI has had a long-standing relationship with Discovery,” said Eric Mendelsohn, CEO of NHI. “The company is a highly-regarded, sophisticated operator of independent, assisted and memory care communities. We are excited to further develop that relationship through a joint venture on these properties that provide an excellent fit into NHI’s portfolio.”
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