March 22, 2019
Lake Forest, CA-based Summit Healthcare REIT, Inc. acquired an interest in 14 skilled nursing/assisted living facilities throughout Indiana. The facilities, acquired for $125 million, consist of a total of more than 1,100 licensed beds and will be leased back to the unnamed seller on a triple net basis.
The acquisition was made 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. Summit holds a 15% membership interest in the joint venture.
Summit Healthcare REIT’s Kent Eikanas, President and Chief Operating Officer, says, “The new joint venture will continue to focus on quality regional operators, but on a larger scale.”
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