- National Health Investors Inc NHI has funded a $42.5 million senior loan to refinance a portfolio of skilled nursing facilities located in Texas.
- The loan is being made to an affiliate of Capital Funding Group, and the properties are leased by subsidiaries of The Ensign Group, Inc. ENSG.
- The five-year loan has an annual interest rate of 7.25% with two one-year extensions.
- NHI has also exercised its purchase option to acquire Bickford of Virginia Beach, a 60-unit assisted living and memory care community in Virginia Beach.
- The acquisition was primarily funded with the satisfaction of a $14.0 million construction loan due from Bickford Senior Living.
- The community was added to an existing master lease with Bickford at an initial cash lease yield of 8.0% based on a $17.2 million investment.
- NHI agreed to a $3.0 million credit to Bickford's outstanding deferral balance as part of the deal.
- NHI held $31.7 million in corporate cash and equivalents as of October 31, 2022.
- Price Action: NHI shares closed higher by 0.88% at $53.69 on Friday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.