National Health Investors, Inc. NHI announced today it has funded a
second mortgage of $2.5 million for the development and construction of
Brentwood at Fore Ranch, a 120-bed assisted living and memory care community
located in Ocala, Florida.
The three-year loan has two one-year extension
options and will be fully funded at closing with an annual interest rate of
13%. The total construction budget for the project is $21 million.
Construction on the facility is expected to begin this month and be completed
in one year. The project is being developed for Fore Ranch Senior Housing, LLC
by William Karns Enterprises, Inc., and managed by Senior Management Advisors,
Inc.
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