Murfreesboro, TN-based National Health Investors will acquire an entrance-fee continuing care retirement / life plan community in North Branford, CT, for $74 million, the real estate investment trust announced Thursday.
The community will be leased to NHI’s current tenant, Senior Living Communities, headquartered in Charlotte, NC. The lease term will be 13 years at a lease rate of 6.77%, with a 4% annual escalator on Jan. 1, 2017, and Jan. 1, 2018, and a 3% annual escalator thereafter. The investment, expected to close in mid-November, will be funded with a draw on NHI’s revolving credit facility.
The CCRC has 227 independent living units, 22 assisted living/memory care units and 50 skilled nursing units. It will be the ninth one leased by NHI to SLC.