National Health Investors Inc. paid about $9.3 million, including closing costs, to buy a 48-unit assisted living and memory care community in Mahtomedi, Minn.
The healthcare real estate investment trust added the Coventry of Mahtomedi community to an existing master lease with Midwest operator 41 Management LLC that has a 15-year term with two five-year renewal options. The master lease covers five Minnesota communities, including four properties that the REIT transitioned from Bickford Senior Living LLC in October 2019.
National Health is also providing a roughly $3.9 million mortgage loan to refinance debt on a 43-unit assisted living and memory care community in Bellevue, Wis., managed by 41 Management. The one-year term loan on The Courtyard of Bellevue comes with two six-month renewal options and carries a 13% interest rate. The REIT has an option to buy the facility upon stabilization.