National Health Investors has closed a $10 million purchase/leaseback transaction in Florida.
The deal, struck with affiliates of Senior Living Management , gives NHI three 10-year-old assisted living facilities, with a total of 108 beds, that "attract private payment for services."
"NHI is pleased to expand our real estate portfolio with these high quality and stabilized assisted living communities," said President and COO Justin Hutchens in a statement. "Senior Living Management has operated these communities successfully since their opening ten years ago, and they are located in solid markets."
Senior Living is leasing the facilities from the Murfreesboro-based health care real estate investment trust at a rate of $1,015,000 plus annual fixed escalators for 15 years. The deal includes two five-year renewal options.