U.S. real estate investment trust company National Health Investors (NHI) has agreed to acquire and leaseback a senior living campus in Massachusetts for a total initial commitment of $50.3 million.
The property, Wingate at Silver Lake, is situated south of Boston in Kingston and comprises of 3 separate buildings with 69 assisted living units, 34 independent living units and 164 skilled nursing beds.
The lease has a 10-year maturity with three 5-year renewal options and a first annual lease rate of 7.5 percent plus annual fixed escalators.
National Health has invested up to $1.9 million for agreed-upon capital advancements to the campus over the next two years, which will be added to the lease base.