Murfreesboro, Tenn.-based National Health Investors, Inc. (NHI) has purchased a 102-unit assisted living/memory care facility in Portland, Oregon for $26.2 million and has leased the facility back to Prestige Senior Living.
This facility was added to the existing Prestige master lease that is comprised of 3 skilled nursing facilities and 1 assisted living facility and has a remaining term of 12 years. The new investment has an initial cash yield of 7% plus annual fixed escalators. The acquisition was funded by a draw on NHI’s revolving credit facility.
Eric Mendelsohn, CEO and President of NHI, stated, “We are very pleased to expand our business relationship with Prestige Senior Living, a company that is dedicated to the care of seniors in both assisted living and skilled nursing.”
Incorporated in 1991, National Health Investors, Inc. (NHI) 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.