LAKE FOREST, Calif. — Oxford Finance LLC has provided a $96 million term loan to an affiliate of Summit Healthcare REIT Inc. The funds were used to purchase 14 skilled nursing and assisted living facilities in Indiana totaling over 1,100 beds.
Lake Forest-based Summit acquired the facilities through a newly formed joint venture among a real estate holding company, a global institutional asset management firm and a wholly owned subsidiary of Summit.
Summit Healthcare REIT was founded in 2004 for the purpose of investing in and owning real estate assets. The current portfolio includes interests in 57 seniors housing facilities in 14 states.