MURFREESBORO, Tenn. — National Health Investors Inc. (NYSE:NHI) has obtained $78 million in Fannie Mae financing through KeyBank National Association. The debt financing consists of interest-only payments at 3.79 percent and a 10-year maturity.
The mortgages are secured by 13 properties in NHI’s joint venture with Bickford Senior Living. Proceeds were used to reduce borrowings on NHI’s unsecured bank credit facility.
“With KeyBank’s assistance, we were able to add this long-term financing to our capital base at a historically low fixed interest rate,” says Justin Hutchens, NHI’s CEO and president. “This refinancing fits nicely with NHI’s capital plan, which includes staggered and long-dated debt maturities.”
NHI is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors 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.