KINGSTON, Mass. — National Health Investors (NYSE: NHI) has acquired Wingate at Silver Lake, a seniors housing community just south of Boston in Kingston, for $50.3 million.
The seller is the operator, an affiliate of Wingate Healthcare, which will continue to manage the community. The lease has a 10-year maturity with three five-year renewal options and an initial annual lease rate of 7.5 percent plus annual fixed escalators.
NHI has committed up to $1.9 million for agreed-upon capital improvements to the campus over the next two years, which will be added to the lease base. The campus consists of three separate buildings with 34 independent living units, 69 assisted living units and 164 skilled nursing beds.
Wingate Healthcare has been in operation for over 25 years and currently operates 37 communities located predominately in the Northeast. This is a first-time partnership between Wingate and NHI.
NHI funded the acquisition with a draw on its revolving credit facility.