Summit Healthcare REIT Acquires Facilities
November 13, 2017 | Luke Schmidt | Blue Vault
On November 13, 2017, Summit healthcare REIT, Inc. (“Summit”) announced it has acquired an interest in six skilled nursing/assisted living/independent living facilities throughout Iowa on November 8, 2017. The facilities were acquired for a total purchase price of $29.5 million and consist of a total of 551 licensed beds. The facilities will be leased to a third-party operator on an NNN lease.
The acquisitions were made through Summit Fantasy Pearl Holdings, LLC, a joint venture among Summit Healthcare Operating Partnership, LP, which is wholly owned by Summit, Atlantis Senior Living 9, LLC, Fantasy Pearl, LLC and Fantasia Investment III, LLC, a U.S. based affiliate of Fantasia Holdings Group Co., Limited. Summit has previously partnered with Fantasia in prior acquisitions.
“We are pleased to be working with a top-notch operator in a new state,” said Kent Eikanas, President, and Chief Operating Officer. “We are focused on continuing to work with regional operators, especially when it comes to skilled nursing.”
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 47 long-term triple-net leased healthcare facilities in 14 states.
Our firm has been using Blue Vault from the first year it was available.
We have found it to be a valuable tool to verify what wholesalers tell us and to dig deep into how the reported investments are really performing.
We appreciate that Blue Vault has expanded its services from initially covering REIT's to now also including BDC's.
Our clients also appreciate that we conduct this additional due diligence on their behalf.