Last updated on May 15th, 2019 at 04:48 pm
Tennessee-based real estate investment trust National Health Investors, Inc. will finance the development of a $25.4 million skilled nursing facility in Oak Creek.
The 144-bed facility at 8432 S. 27th St. will be operated by an entity affiliated with Skokie, Illinois-based Villa Healthcare and Niles, Illinois-based Ignite Medical Resorts.
Construction on the facility, called Ignite Medical Resort Oak Creek, is expected to be completed in the second quarter of 2020.
An affiliate of National Health Investors purchased the 8.7-acre site, located on the east side of 27th Street, north of Honadel Boulevard, for $2 million from Villa Healthcare, according to state records. Villa Healthcare purchased the property in 2016 for $1.4 million.
“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 president and CEO. “We believe this new relationship will provide an excellent opportunity to expand our presence in this market.”
Villa Healthcare operates three facilities in Wisconsin, including The Villa at Lincoln Park in Racine, The Villa at Bradley Estates in Milwaukee and The Villa at Middleton Village in Middleton.
“Villa has had great success in the state of 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 the state of 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.”