MURFREESBORO, TN – National Health Investors announced it has purchased five memory care facilities, totaling 223 units, located in Texas and Illinois for $61.8 million and will lease back the facilities to a new NHI tenant, The LaSalle Group.
The lease term is 15 years plus three renewal option periods and has an initial cash yield of 7% with annual fixed escalators. The acquisition was funded by a draw on NHI’s revolving credit facility.
The LaSalle Group is a private, Dallas, Texas based, family-owned business that was founded in 1990 and began focusing on senior care in 2000. The facilities acquired are Autumn Leaves communities, part of The LaSalle Group’s standalone memory care design.
Eric Mendelsohn, CEO and President of NHI, stated, “NHI is happy to be entering into a relationship with The LaSalle Group, a growth-oriented operator with long term focus. Their management team has excellent experience with over 16 years of developing and operating memory care communities. The addition of these facilities will further strengthen NHI’s portfolio.”
National Health Investors 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.