The healthcare REIT National Health Investors, Inc. (NYSE: NHI) is adding a behavioral health hospital to its portfolio. NHI is buying Brookhaven Hospital, a 64-bed specialty behavioral health hospital in Tulsa, Oklahoma, that specializes in treating patients that have suffered a traumatic brain injury. The deal is valued at $42.3 million; $40.3 million for the facility and $2 million committed for capital improvements over the next two years.
The hospital is leased to Vizion Health, a growing operator of behavioral health hospitals led by an executive management team with extensive experience in the industry. The lease has a 15-year maturity with two five-year renewal options and an initial lease rate of 8.5% plus annual fixed escalators.
NHI also provided a $20 million corporate loan to Vizion to finance its acquisition of Brookhaven NeuroNetwork, which includes the operations of Brookhaven Hospital and Community NeuroRehab, a network of community-based residential rehabilitation centers in Iowa and Oklahoma that acclimate individuals with brain injuries back into the community.
Vizion is a portfolio company of New Century Capital Partners.
