LAKE FOREST, Calif. — Summit Healthcare REIT Inc. has acquired an interest in nine skilled nursing facilities located in the Northeast for $60 million. The names and locations of the facilities, as well as the percentage interest Summit acquired, were not disclosed.
The portfolio includes a total of 1,285 licensed beds, and will be leased back to the existing operator.
The acquisitions were made through Summit Fantasia Holdings III, a joint venture between Summit Healthcare Operating Partnership, which is wholly owned by Summit, and Fantasia Investment III LLC, a U.S.-based affiliate of Fantasia Holdings Group Co. Summit has previously partnered with Fantasia in prior acquisitions.
Summit is a publicly registered, non-traded REIT focused on investing in seniors housing real estate located throughout the United States. Based in the Los Angeles suburb of Lake Forest, the company’s current portfolio includes interests in 41 long-term triple-net leased healthcare facilities in 13 states.
Steve Thomes, Christopher Hyldahl and Gideon Orion of Blueprint Healthcare Real Estate Advisors were the lead advisors on the transaction.