Summit Healthcare REIT Buys Eight Skilled Nursing Facilities in Georgia
Summit Healthcare REIT, a publicly registered non-traded real estate investment trust, has purchased eight skilled nursing facilities located in various locations of Georgia.
Summit Healthcare REIT, a publicly registered non-traded real estate investment trust, has purchased eight skilled nursing facilities located in various locations of Georgia for approximately $130 million. The transaction closed on December 30, 2021.
The portfolio has a total of 826 licensed beds and will be leased back to the operator on a triple net basis. Summit partnered with CIBC and Oxford Finance to fund the debt on the transaction.
The properties are leased to eight unrelated parties under separate 15-year triple net leases, each of which has two five-year renewal options.
“We really like this transaction as the operator has a proven track record in Georgia,” said Kent Eikanas, chief executive officer. ” We look forward to continued growth in the state.”
The REIT closed on more than $150 million in skilled nursing facility acquisitions in 2021.
Summit Healthcare REIT focuses on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 54 senior housing facilities in 14 states.
