Summit Healthcare REIT Purchases Interest in Nine Skilled Nursing Facilities
August 15, 2017 | James Sprow | Blue Vault
Summit Healthcare REIT Inc. purchased an interest in nine skilled nursing facilities in the U.S. Northeast for $60 million.
The facilities have a total of 1,285 licensed beds and will be leased back to the existing operator.
The company said it made the acquisitions through Summit Fantasia Holdings III LLC, a joint venture between Summit’s operating partnership and Fantasia Holdings Group Co. Ltd.’s U.S.-based affiliate Fantasia Investment III LLC.
“We are very excited about this acquisition and expansion in the Northeast,” said Elizabeth Pagliarini, Chief Financial Officer. “The level of care in these nine facilities is quite impressive and a great fit with our continuing strategy to diversify our portfolio.”
Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 41 long-term triple-net leased healthcare facilities in 13 states.
