Home Nurse Facilities Summit Healthcare REIT, Inc. Acquires Three Qualified Nursing Facilities in California

Summit Healthcare REIT, Inc. Acquires Three Qualified Nursing Facilities in California



LAKE FOREST, Calif., July 7, 2021 / PRNewswire / – Summit Healthcare REIT, Inc. (“Mountain peak“) announced that it has acquired, through a wholly owned subsidiary, three qualified nursing facilities located in San Bernardino County, California to July 2nd, 2021. The installations, acquired for a purchase price of $ 20,055,000, consist of a total of 191 licensed beds and will be leased to Rockwell Healthcare, LLC (“Rockwell”) as the operator on a triple net lease basis. Rockwell and its affiliated facilities are a new supplier effort in California Interior Empire. Rockwell’s stated core values ​​are designed to reflect a focus on professional experience, environmental excellence and strong clinical systems.

“We are very pleased to add Rockwell to our list of premier operators,” said the CEO of Summit, Kent Eikanas, said. “Rockwell partners, Steve powell and Evangeline Carrozza, along with their team, bring extensive and in-depth experience that is invaluable in our industry. We look forward to a long relationship with Rockwell and believe there will be significant growth opportunity. “

Elisabeth pagliarini, Summit The COO and CFO added, “We are already impressed with the dedication of the Rockwell team. Their inspiring compassion and level of care combined with their vast experience and professionalism are incredibly unique; I have the impression that we have discovered a rare pearl. ”

“It’s been a dream of ours for a long time,” said Steve powell, president of Rockwell. “We have been fortunate to work alongside some of the greatest leaders in the industry. We are continuing this trajectory by associating ourselves with Mountain peak. Their reputation in our industry is excellent – we know we made the right choice. Steve also added, “It is a privilege to work in this space. To provide the best possible healing experience for this vulnerable population at this unique time. ”

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 46 retirement homes in 13 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 the quarterly report for the period ended March 31, 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.

Chris Kavanagh
(800) 978-8136
[email protected]

SOURCE Summit Healthcare REIT, Inc.

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