NHI Funds $42.5M Senior Loan & Exercises Option To Buy 60-Unit Community In Virginia

National Health Investors Inc NHI has funded a $42.5 million senior loan to refinance a portfolio of skilled nursing facilities located in Texas.
The loan is being made to an affiliate of Capital Funding Group, and the properties are leased by subsidiaries of The Ensign Group, Inc. ENSG.
The five-year loan has an annual interest rate of 7.25% with two one-year extensions.
NHI has also exercised its purchase option to acquire Bickford of Virginia Beach, a 60-unit assisted living and memory care community in Virginia Beach.
The acquisition was primarily funded with the satisfaction of a $14.0 million construction loan due from Bickford Senior Living.
The community was added to an existing master lease with Bickford at an initial cash lease yield of 8.0% based on a $17.2 million investment.
NHI agreed to a $3.0 million credit to Bickford's outstanding deferral balance as part of the deal.
NHI held $31.7 million in corporate cash and equivalents as of October 31, 2022.
Price Action: NHI shares closed higher by 0.88% at $53.69 on Friday.