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National Health to lend $180M for Phoenix retirement community expansion

National Health Investors Inc. agreed to lend up to $180 million to recapitalize and finance the expansion of the 567-unit Sagewood continuing care retirement community in Phoenix.

The healthcare real estate investment trust said the financing comprises a $118.8 million senior loan and a $61.2 million construction loan that bear interest at 7.25% and 8.5%, respectively.

The class A community consists of 316 independent living units, 44 assisted living units, 28 memory care units, and 78 skilled nursing beds. The project will fund the completion of a 101-unit independent living expansion.