CHARLESTON, S.C. — National Health Investors Inc. (NYSE: NHI) has provided a $14 million mezzanine loan to Senior Living Communities LLC for the development of Wellmore of Daniel Island, a 186-unit assisted living, memory care and skilled nursing community.
Construction is set to begin immediately, with completion slated for late 2017. The community will be located on Daniel Island in Charleston.
When finished, the community will feature 90 assisted living units, 48 memory care units and 48 skilled nursing units.
The loan has an annual interest rate of 10 percent, a five-year maturity, and should be fully funded by the end of 2016. NHI will have a purchase option on the property upon the operations meeting certain occupancy and pro forma lease coverage thresholds.
NHI currently leases eight communities to Senior Living Communities totaling 1,033 independent living units, 410 assisted living/memory care units and 228 skilled nursing beds.
Based in Tennessee, NHI is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors housing and medical investments.