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National Health forms $128M JV with Discovery Senior


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National Health forms $128M JV with Discovery Senior

National Health Investors Inc. and tenant Discovery Senior Living formed a new property joint venture that will acquire six properties for about $128.4 million.

The assets include 145 independent units, 356 assisted living units and 95 memory care units, and the properties are located across Pennsylvania, Maryland and Indiana. The portfolio will be leased to an affiliate of Discovery for 10 years, with two five-year extension options, according to a release.

The healthcare real estate investment trust, which will own 97.5% of the venture, will be its managing member. Discovery will own the remaining 2.5% interest.

National Health agreed to provide a $6.0 million senior mortgage loan to affiliates of Discovery for another property in Indiana for which the joint venture has an option to purchase at stabilization. The loan has a 7% annual interest rate and will close by June 30.