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LITTLETON, N.H. — Summit Healthcare REIT Inc. has acquired Riverglen House of Littleton, a 50-unit assisted living facility in Littleton near the White Mountains of New Hampshire, for $8.5 million in a sale-leaseback transaction.
As part of the purchase, Summit assumed $4.7 million in HUD debt.
Riverglen House of Littleton LLC, which originally developed the property, will continue to operate the 34,684-square-foot facility pursuant to a 15-year triple net lease.
Summit is a publicly registered non-traded REIT that invests in seniors housing real estate throughout the U.S.