Summit Healthcare REIT Pays $125M for Interest in Indiana Skilled Nursing Properties
The respective properties were acquired through a newly formed joint venture among a wholly-owned subsidiary of Summit, a real estate holding company, and a global institutional asset management firm. The properties will be leased back to the seller on a triple-net basis.
LAKE FOREST, CA—Summit Healthcare, REIT, Inc. reports today it has paid $125 million for an interest in 14 skilled nursing/assisted living facilities in the State of Indiana.
The deal, which closed on March 13, was for a total of more than 1,100 licensed beds. The respective properties were acquired through a newly formed joint venture among a wholly-owned subsidiary of Summit, a real estate holding company, and a global institutional asset management firm. The properties will be leased back to the seller on a triple-net basis.
Summit reports that it holds a 15% membership interest in the newly formed joint venture.
“The new joint venture will continue to focus on quality regional operators, but on a larger scale,” said Kent Eikanas, president and Chief Operating Officer.
Summit’s current portfolio includes interests in 57 senior housing facilities in 14 states.
In an SEC filing on Feb. 14, the company reported that Summit’s wholly-owned subsidiaries HP Shelby, LLC, HP Hamlet, LLC, HP Carteret, LLC, and the company’s 95%-owned subsidiary, HP Winston-Salem, LLC, sold four properties in North Carolina for $27 million in cash.
The properties traded by Summit included: The Shelby House, a 72-bed assisted living facility located in Shelby; The Hamlet House, a 60-bed assisted living facility located in Hamlet; The Carteret House, a 64-bed assisted living facility located in Newport and the Danby House, a 100-bed assisted living and memory care facility located in Winston-Salem.