MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors (NYSE: NHI) announced today it has finalized a
previously disclosed agreement to lend up to $154.5 million to
recapitalize and finance the expansion of Timber Ridge at Talus, an
entrance-fee senior living community in Issaquah, Washington.
Serving the greater Seattle area, Timber Ridge at Talus is currently 95%
occupied and the new expansion is over 80% presold. The existing campus
was built in 2008 and has 184 independent living apartments and 36
transitional care beds. Expansion construction is expected to begin upon
closing and to add 145 independent living apartments, 26 assisted
living/memory care apartments and 9 transitional care beds, in addition
to a swimming pool, dining room, fitness center and other amenities. For
more information about the community, visit: http://www.timberridgelcs.com/.
“This Class A community is managed by Life Care Services, a Life Care
Companies subsidiary which is one of the most respected, experienced and
largest operators of continuing care retirement communities. NHI is
thrilled with the opportunity to make this high quality investment which
is representative of our desire to partner with best-in-class
operators,” said Justin Hutchens, NHI’s CEO and President.
The borrower is a joint venture between Westminster Capital and Life
Care Holdings, LLC . The loan is divided into two notes under one master
credit agreement. The $60 million senior loan (Note A) has a 10-year
maturity and 6.75% interest rate that escalates 10 basis points per year
after the third year of the loan. The $94.5 million construction loan
(Note B) has a 5-year maturity and an 8% interest rate.
NHI funded an initial amount of $33.1 million on Note A at closing, and
the remaining loan commitment is expected to be funded over the next 20
months. This loan was funded from borrowings on NHI’s revolving credit
facility.
About NHI
Incorporated in 1991, National Health Investors, Inc. (NYSE: 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. For more information, visit www.nhireit.com.
About LCS
Based in Des Moines, Iowa, and established in 1971, LCS is a leading
provider of high-quality senior lifestyle products and services. The LCS
Family of Companies provide development, management, marketing and
sales, and strategic planning for continuing care retirement communities
(CCRCs), stand-alone assisted living, memory care, and rental
communities nationwide. The company also provides in-home care,
insurance, and national purchasing consulting services. The companies of
LCS serve thousands of seniors across the nation. LCS is an equal
opportunity employer hiring skilled and professional employees to better
serve the customer. For more information, visit LCSnet.com.
About Westminster Capital
Westminster Capital is a deeply experienced real estate investment
management firm on behalf of private wealth capital. Founded in 1988,
the firm is located in Lake Forest, Illinois. Private client work
includes investment partnerships and separate accounts deploying
approximately $700 million of investor capital. Westminster Capital
maintains substantial commercial property investments throughout the
United States. For more information visit, www.WestminsterCapitalLLC.com.
National Health Investors, Inc.
Roger Hopkins, 615-890-9100
Chief
Accounting Officer
Source: National Health Investors, Inc.