MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE:NHI) announced today it has
entered into a construction loan commitment to provide up to $13,870,000
to Sante’ Mesa, LLC for the development and construction of a 70-patient
room transitional rehabilitation center with a skilled nursing license
in Mesa, Arizona. The $13,870,000 commitment includes an $11,870,000
construction loan and an additional $2,000,000 supplemental draw
available to the borrower when the facility achieves certain operating
metrics. The loan is for a period of five years with an interest rate of
10%. The loan will be funded with advances from NHI’s revolving credit
facility.
Construction on the facility is expected to begin in June 2010 and be
completed in February 2011. NHI has the option to purchase and lease
back the facility when it reaches a predetermined level of stabilized
net operating income.
Justin Hutchens, NHI President and Chief Operating Officer, noted, “We
are pleased to make an investment in this innovative transitional
rehabilitation center. This facility will be specifically designed to
cater to Medicare and managed care patients and others needing intensive
rehabilitation services allowing for a very high revenue basis relative
to industry averages. This transaction is NHI's first construction loan
in some time because it is uniquely structured with an option for us to
purchase and lease back the facility upon stabilization.”
National Health Investors, Inc. is a healthcare real estate investment
trust that specializes in the financing of healthcare real estate by
purchase and leaseback transactions and by mortgage loans. NHI’s
investments involve skilled nursing facilities, assisted living
facilities, independent living facilities, medical office buildings, an
acute psychiatric hospital and an acute care hospital. The common stock
of the company trades on the New York Stock Exchange with the symbol
NHI. Additional information about NHI, including its most recent press
releases, may be obtained on NHI's web site at www.nhinvestors.com.
Statements in this press release that are not historical facts are
forward-looking statements. NHI cautions investors that any
forward-looking statements may involve risks and uncertainties and are
not guarantees of future performance. All forward-looking statements
represent NHI's judgment as of the date of this release.Investors
are urged to carefully review and consider the various disclosures made
by NHI in its periodic reports filed with the Securities and Exchange
Commission, including the risk factors and other information disclosed
in NHI’s Annual Report on Form 10-K for the most recently ended fiscal
year. Copies of these filings are available at no cost on the SEC's web
site at http://www.sec.gov
or on NHI’s web site at http://www.nhinvestors.com.
Source: National Health Investors, Inc.
Contact:
National Health Investors, Inc.
Roger R. Hopkins,
615-890-9100
Chief Accounting Officer