Argentum Members: Have you registered for the 2020 Public Policy Institute & Fly-In? Join us March 17-18 in Washington, D.C. to advocate for the industry! Learn more.

×
Argentum Logo_RGB2

MURFREESBORO, Tenn.—National Health Investors, Inc. (NYSE:NHI) has purchased Coventry of Mahtomedi, a 48-unit assisted living and memory care community in Mahtomedi, Minn. The community was purchased for $9.34 million, including closing costs of approximately $134,000, at an initial yield of 7.23 percent and was added to the existing master lease with 41 Management, LLC, a growing Midwest operator owned by Thomas Ostrom.

The 41 Management, LLC master lease covers five communities in Minnesota including four properties that NHI transitioned from Bickford on October 1, 2019. The master lease is for 15 years, includes two 5-year renewal options, and has fixed annual escalators at 2.5 percent.

NHI also announced that it is providing a $3.87 million mortgage loan to refinance debt on The Courtyard of Bellevue, a 43-unit assisted living and memory care community in Bellevue, Wis., that opened in March 2019 and is managed by 41 Management. The term of the loan is for one year with two 6-month renewal options and bears interest at a rate of 13 percent. NHI has an option to purchase the facility upon stabilization.

NHI president and CEO Eric Mendelsohn stated, “We are very pleased to expand our relationship with 41 Management through these transactions. We expect that the Minnesota portfolio will be a good fit for Tom Ostrom and his team as they grow their footprint in the Midwest. Further, that transition puts Bickford in a better position to focus on their core portfolio which, as we have discussed in the past, continues to show improvement.”

About NHI

Incorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage, and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s portfolio consists of independent living, assisted living, and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings, and specialty hospitals. For more information, visit www.nhireit.com.

Stay Connected

Get updates on the latest news impacting senior living through our Argentum Daily newsletter.

×

Login.

Forgot Password
Create an Account