National Health Investors Inc. has acquired a 73-unit assisted living/memory care facility for a total commitment of $13.5 million. NHI will lease the facility to an affiliate of Comfort Care Senior Living, which has locations through Southeast Michigan.
The recently opened facility, Brighton Manor, is located in the town of Brighton, Mich. The 10-year lease will have a lease rate of 7.75%, plus annual escalators starting in year three.
The acquisition was funded by NHI’s revolving credit facility.
“This acquisition bolsters NHI’s presence in an area of the country with strong senior population growth and further expands our relationship with Comfort Care,”
NHI President and CEO Eric Mendelsohn said in a statement.
Incorporated in 1991 and based in Murfreesboro, Tennessee, 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.