10. SUBSEQUENT EVENT

Effective November 2, 2016, the Company closed the acquisition of one senior living community located in Cincinnati, Ohio, for approximately $29.0 million. The community consists of 45 independent living units and 77 assisted living units. The Company obtained financing from Fannie Mae for approximately $22.0 million of the acquisition price at a fixed rate of 4.24% with a 10-year term with the balance of the acquisition price paid from the Company’s existing cash resources. The Company has not yet completed its initial purchase price allocation for this transaction.