National Health Investors has closed a $15 million purchase of four assisted living and memory care communities, totaling 183 units, in Louisiana.
The purchase price was funded from NHI’s revolving credit facility.
[See related story: NHI announces $100M loan]
The four facilities, which average 13 years old and attract private payment for services, are being leased to Selah SeniorCare III and managed by Selah Management Group for 15 years at an initial lease rate of $1.275 million plus annual fixed escalators.
In addition to the Louisiana facilities, Selah Management Group operates 11 assisted living and memory care communities in Florida, Mississippi and Texas.
“The Selah management team has experience operating high-quality assisted living communities for years, and has a strong track record,” said Justin Hutchens, NHI’s CEO and president. “NHI is pleased to work with them to expand their operations into Louisiana with such well-located and stabilized communities.”
Tennesee-based National Health Investors is a healthcare real estate investment trust that specializes in the financing of healthcare real estate by purchase and leaseback transactions and mortgage loans. NHI’s investments involve skilled nursing facilities, assisted living facilities, independent living facilities, medical office buildings, an acute psychiatric hospital, an acute care hospital and a transitional rehabilitation center.