National Health Investors (NHI) in pact to acquire $133 million CCRC.
National Health Investors, Inc. (NHI) announced today that has formed a JV to acquire Timber Ridge at Talus, a $133 million CCRC located in Issaquah, WA. The acquisition is being structured as an OpCo/PropCo type arrangement with NHI acquiring an 80% interest in the real estate and a 25% interest in the operating company. The joint venture partner is Life Care Services (LCS), the nation's second largest senior living operator. NHI has previously provided construction financing to the Timber Ridge facility under a $60 million note originated in 2015.
NHI President and CEO Eric Mendelsohn stated, "I'm thrilled to announce this joint venture with LCS, which is highly regarded as one of the premier operators of CCRC properties in the country. Timber Ridge is a first class community in a high barrier to entry market in the Pacific Northwest and an excellent fit to the growing NHI portfolio."
National Health Investors, Inc. (NHI) is an equity REIT focusing on the ownership and development of senior housing properties (69% of base rent) and skilled nursing facilities (27%). As of September 30, 2019, NHI had a total market capitalization of approximately $5.1 billion.