RYE, N.H. — National Health Investors Inc. (NYSE: NHI) has financed the acquisition of a 40-unit memory care community in Rye, located along the coast near the Maine border.
The investment totaled $10 million. The borrower is Evolve Senior Living, a first-time partner for NHI. The undisclosed property was built in 2013.
The loan is secured with a first mortgage with an initial term of five years, renewal options and an interest rate of 8 percent. NHI funded the investment through its revolving credit facility.
NHI has an option to purchase the property after 24 months if certain performance goals are achieved.