MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE:NHI) announced today it has funded
a second mortgage of $2.5 million for the development and construction
of Brentwood at Fore Ranch, a 120-bed assisted living and memory care
community located in Ocala, Florida. The three-year loan has two
one-year extension options and will be fully funded at closing with an
annual interest rate of 13%. The total construction budget for the
project is $21 million. Construction on the facility is expected to
begin this month and be completed in one year. The project is being
developed for Fore Ranch Senior Housing, LLC by William Karns
Enterprises, Inc., and managed by Senior Management Advisors, Inc.
Justin Hutchens, NHI CEO and President, stated, “NHI is pleased to
provide construction financing in this market where the demand for
need-driven private-pay assisted living and memory care services is well
supported. The project is being managed by an experienced developer and
operator. NHI also has the opportunity to purchase this property at
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, a
transitional rehabilitation center, 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, Chief Accounting
Officer, 615-890-9100