National Health Investors Inc. has agreed to finance the development of a 144-bed skilled nursing facility located near Milwaukee, Wisc., for a commitment of $25.35 million.

The initial funding under the commitment was $4,700,000 and construction is underway and expected to be completed in the second quarter of 2020. A 12-year lease term begins post-construction with two 10-year renewals and a 2.0% annual escalator. The facility, Ignite Medical Resort Oak Creek, will be operated by a tenant entity owned by affiliates of Villa Healthcare and Ignite Medical Resorts.

“We are excited to enter into a new relationship with Villa and Ignite, under a newly formed entity by principals with extensive experience operating large portfolios of skilled nursing facilities and strong relationships in the market area,” said Eric Mendelsohn, NHI’s president and CEO. “We believe this new relationship will provide an excellent opportunity to expand our presence in this market.”

“Villa has had great success in Wisconsin, and we are looking forward to furthering our commitment to the Milwaukee Market,” said Ben Israel, president of Villa Healthcare. “Opening the newest and most modern Skilled Nursing Facility in Wisconsin through this new partnership with NHI, as well as continuing our ongoing relationship with Ignite Medical Resorts in this venture, was an easy decision as their values align with ours.”