NHI to Buy 299-Unit CCRC in Connecticut for $74M

by Jeff Shaw

NORTH BRANFORD, Conn. — National Health Investors Inc. (NYSE: NHI), a Tennessee-based healthcare REIT, has agreed to acquire Evergreen Woods, a 299-unit continuing care retirement community in the New Haven suburb of North Branford, for $74 million.

NHI will lease the community to Senior Living Communities, a North Carolina-based operator. The 13-year lease features a rate of 6.8 percent with a 4 percent annual escalator during the first two years, and a 3 percent annual escalator thereafter.

Richard Swartz, Jay Wagner and Aaron Rosenzweig of Cushman & Wakefield arranged the sale.

NHI will use its revolving credit facility to fund the acquisition. The seller in the transaction was not disclosed.

The CCRC consists of 227 independent living units, 22 assisted living/memory care units and 50 skilled nursing units. This community will be the ninth leased by NHI to SLC.

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