National Health Investors Inc.'s (NHI) joint venture, NHI-Bickford Senior Living, will develop five senior living communities in Illinois and Virginia.
The communities will have 60 private-pay assisted living and memory care units managed by Bickford Senior Living.
The projects are part of the previously announced agreement between NHI and Bickford Senior Living to construct eight communities.
The first three, all in Indiana, opened in 2014. Once completed, the NHI-Bickford joint venture will be comprised of 36 communities in eight states.
Construction will be funded with borrowings on NHI’s revolving credit facility.
