Murfreesboro, Tenn.-based National Health Investors purchased five memory care facilities, totaling 223 units, located in Texas and Illinois for $61.8 million and will lease back the facilities to a new NHI tenant, The LaSalle Group.
The lease term is 15 years plus three renewal option periods and has an initial cash yield of 7% with annual fixed escalators. The acquisition was funded by a draw on NHI’s revolving credit facility.
The LaSalle Group is a private, Dallas, Texas based, family-owned business that was founded in 1990 and began focusing on senior care in 2000. The facilities acquired are Autumn Leaves communities, part of The LaSalle Group’s standalone memory care design.
Incorporated in 1991, National Health Investors, 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.