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OSHKOSH, Wis. — National Health Investors Inc. (NYSE: NHI) will fund a $10.8 million construction loan for a 66-bed assisted living and memory care community in Oshkosh, located along Lake Winnebago between Green Bay and Milwaukee.
Construction on the facility is expected to begin immediately after closing and to be completed within 12 months. The five-year loan will have an annual interest rate of 8.5 percent and two one-year renewal options.
Funding of this construction will be provided from periodic draws on NHI’s revolving credit facility. The new community will be managed by 41 Management LLC, a growing Midwest operator owned by Thomas Ostrom, which currently manages 28 buildings and has two more in development.