NHI Acquires Ohio Senior Housing Portfolio for $70M
MultiHousing News | May 07, 2018
National Health Investors Inc. (NHI) has bought five assisted living and memory care communities in Columbus, Ohio, Cleveland and Erie, Pa., for $69.7 million, which include $500,000 in capitalized transaction costs and $1.8 for capital improvements. Totaling 320 units, the communities will be leased to an affiliate of Bickford Senior Living at an initial rate of 6.9 percent with annual fixed escalators and a 15-year maturity. The purchase was funded with a draw on NHI’s revolving credit facility.