National Health Investors has entered into a development and lease transaction with affiliates of the Polaris Hospital Company to grant $21.5m to develop a 60-bed general acute care hospital in Tennessee, US.
The new speciality hospital will provide acute psychiatric and in-patient rehabilitation services.
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Construction of the hospital is expected to start this month, and is scheduled to come online in the Q4, 2012.
During construction, the lease rate will be 10% on NHI’s cumulative invested amount and once the facility is open, the lease rate will be calculated on NHI’s total invested amount with lease escalators beginning in the second year.
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