LAKE FOREST, California, January 4, 2022 / PRNewswire / – Summit Healthcare REIT, Inc. (“Mountain peak“or the” Company “) announced that it has acquired, through a wholly-owned subsidiary, eight qualified nursing facilities located at various locations in Georgia to December 30, 2021. The installations, acquired for a purchase price of approximately $ 130 million, consist of a total of 826 approved beds and will be re-let to the operator on a triple net basis. Summit partnered with CIBC and Oxford Finance to fund the debt associated with the transaction. Combined with an acquisition earlier in 2021, Mountain peak closed on more $ 150 million in portfolio acquisitions of qualified nursing facilities last year as the Company continues to partner with strong regional operators.
“We really like this transaction as the operator has a proven track record in Georgia. We look forward to continued growth in the state.” general manager of Summit, Kent Eikanas, said.
Elisabeth pagliarini, Summit The COO and CFO added: âWe are delighted to have had a spectacular year in terms of adding assets to Summit overall portfolio. “
About Summit Healthcare REIT, Inc.
Mountain peak is an unlisted REIT currently focused on investing in senior residential real estate located across United States. The current portfolio includes interests in 54 retirement homes in 14 states. Please visit our website at: http://www.summithealthcarereit.com
This document does not constitute an offer to sell or the solicitation of an offer to buy from Summit Healthcare REIT, Inc.
This press release may contain forward-looking statements regarding the business and financial prospects of Summit Healthcare REIT, Inc. which are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this press release. These factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended. December 31, 2020, and quarterly reports for completed periods March 31, 2021, June 30, 2021, and September 30, 2021. The forward-looking statements contained in this document speak only as of the date on which such statements were made, and we assume no obligation to update any such statements which may become false as a result of subsequent events. We claim safe haven protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
SOURCE Summit Healthcare REIT, Inc.