Market Overview

NHI Announces $180M Loan for Arizona CCRC Project with LCS


National Health Investors (NYSE:NHI) announced today it has agreed to
lend up to $180 million to recapitalize and finance the expansion of
Sagewood, a 567-unit Continuing Care Retirement Community ("CCRC") in
Phoenix, Arizona. At closing, NHI funded $86.8 million of this
commitment. The Class A CCRC currently consists of 316 independent
living units, 44 assisted living units, 28 memory care units and 78
skilled nursing beds, and the project will fund the completion of a
101-unit independent living expansion. Serving the greater
Phoenix/Scottsdale area, the existing independent units have approached
100% occupancy in 2018 and the Phase II expansion independent living
units are 96% presold.

The borrower is LCS-Westminster Partnership IV, LLP, a joint venture
between Westminster Capital and LCS. The financing includes a $118.8
million senior loan and a $61.2 million construction loan with proceeds
from the entrance fees of the new expansion to be applied to the
construction loan balance. The average entrance fee per unit is
projected to be $700,000. The senior loan (Note A) has a 10-year
maturity and 7.25% interest rate that escalates 10 basis points per year
after the third year of the loan. The construction loan (Note B) has a
5-year maturity and an 8.5% interest rate. The notes were funded from
borrowings on NHI's revolving credit facility.

About LCS

Based in Des Moines, Iowa, and established in 1971, LCS is a leading
provider of high-quality senior lifestyle products and services. The LCS
Family of Companies focus on development, operations management,
marketing and sales management, and strategic planning for Life Plan
Communities, formerly referred to as Continuing Care Retirement
Communities (CCRC), and rental independent living, assisted living, and
memory care communities nationwide. The company also provides a
full-service real estate private equity enterprise, insurance, national
purchasing consulting services and in-home care. The companies of LCS
serve thousands of seniors across the nation. For more information,

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf
of private wealth capital, including sponsorship of closed-end
investment funds and separate account portfolios totaling $860 million
of investor capital. Westminster Capital makes commercial property
investments throughout the United States across Industrial/Distribution,
Apartments, Medical Office and Senior Living properties offering
Value-Add to Opportunistic risk-reward returns. Founded in 1988, the
firm is headquartered in Lake Forest, Illinois.

About NHI

Incorporated in 1991, National Health Investors, Inc. (NYSE:NHI) is a
real estate investment trust specializing in sale-leaseback,
joint-venture, mortgage and mezzanine financing of need-driven and
discretionary senior housing and medical investments. NHI's portfolio
consists of independent, assisted and memory care communities,
entrance-fee retirement communities, skilled nursing facilities, medical
office buildings and specialty hospitals. For more information, visit

This press release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
statements regarding the Company's, tenants', operators', borrowers' or
managers' expected future financial position, results of operations,
cash flows, funds from operations, dividend and dividend plans,
financing opportunities and plans, capital market transactions, business
strategy, budgets, projected costs, operating metrics, capital
expenditures, competitive positions, acquisitions, investment
opportunities, dispositions, acquisition integration, growth
opportunities, expected lease income, continued qualification as a real
estate investment trust ("REIT"), plans and objectives of management for
future operations, continued performance improvements, ability to
service and refinance our debt obligations, ability to finance growth
opportunities, and similar statements including, without limitation,
those containing words such as "may", "will", "believes", "anticipates",
"expects", "intends", "estimates", "plans", and other similar
expressions are forward-looking statements.
statements involve known and unknown risks and uncertainties that may
cause our actual results in future periods to differ materially from
those projected or contemplated in the forward-looking statements. Such
risks and uncertainties include, among other things; the operating
success of our tenants and borrowers for collection of our lease and
interest income; the success of property development and construction
activities, which may fail to achieve the operating results we expect;
the risk that our tenants and borrowers may become subject to bankruptcy
or insolvency proceedings; risks related to governmental regulations and
payors, principally Medicare and Medicaid, and the effect that lower
reimbursement rates would have on our tenants' and borrowers' business;
the risk that the cash flows of our tenants and borrowers would be
adversely affected by increased liability claims and liability insurance
costs; risks related to environmental laws and the costs associated with
liabilities related to hazardous substances; the risk that we may not be
fully indemnified by our lessees and borrowers against future
litigation; the success of our future acquisitions and investments; our
ability to reinvest cash in real estate investments in a timely manner
and on acceptable terms; the potential need to incur more debt in the
future, which may not be available on terms acceptable to us; our
ability to meet covenants related to our indebtedness which impose
certain operational; the risk that the illiquidity of real estate
investments could impede our ability to respond to adverse changes in
the performance of our properties; risks associated with our investments
in unconsolidated entities, including our lack of sole decision-making
authority and our reliance on the financial condition of other
interests; our dependence on revenues derived mainly from fixed rate
investments in real estate assets, while a portion of our debt bears
interest at variable rates; the risk that our assets may be subject to
impairment charges; and our dependence on the ability to continue to
qualify for taxation as a real estate investment trust. Many of these
factors are beyond the control of the Company and its management.
Company assumes no obligation to update any of the foregoing or any
other forward looking statements, except as required by law, and these
statements speak only as of the date on which they are made.
are urged to carefully review and consider the various disclosures made
by NHI in its periodic reports filed with the Securities and Exchange
Commission, including the risk factors and other information disclosed
in NHI's Annual Report on Form 10-K for the most recently ended fiscal
year. Copies of these filings are available at no cost on the SEC's web
site at
or on NHI's web site at

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