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PORTLAND, ORE. — National Health Investors has acquired Golden Age Senior Living in Portland for $6.7 million.
Renovated in 2010 and expanded in 2013, the 40-bed memory care community was 88 percent occupied at the time of sale. The community will be leased to Chancellor Health Care for 15 years with renewal options at an initial lease rate of 7.75 percent plus annual escalators.
The purchase was funded with cash on hand and borrowings from NHI’s revolving credit facility.
NHI is a REIT specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors housing and medical investments.