ISSAQUAH, Wash. — National Health Investors (NYSE: NHI) has finalized a previously disclosed agreement to lend up to $154.5 million to recapitalize and finance the expansion of Timber Ridge at Talus, an entrance-fee senior living community in Issaquah, Wash.
Serving the greater Seattle area, Timber Ridge at Talus is currently 95 percent occupied and the new expansion is over 80 percent presold. The existing campus was built in 2008 and has 184 independent living apartments and 36 transitional care beds. Expansion is expected to begin upon closing and will add 145 independent living apartments, 26 assisted living/memory care apartments and 9 transitional care beds, in addition to a swimming pool, dining room, fitness center and other amenities.
“This Class A community is managed by Life Care Services, a Life Care Companies subsidiary which is one of the most respected, experienced and largest operators of continuing care retirement communities,” says Justin Hutchens, NHI’s CEO and president. “NHI is thrilled with the opportunity to make this high quality investment.”