Summit Healthcare REIT Joint Venture Buys Nine Skilled Nursing Facilities in Connecticut
Summit Healthcare REIT Inc., a publicly registered non-traded real estate investment trust, and an affiliate of Fantasia Holdings Group, purchased nine skilled nursing facilities in Connecticut for $60 million.
The acquisitions were made through Summit Fantasia Holdings III LLC, a joint venture between Summit Healthcare Operating Partnership LP and Fantasia Investment III LLC. Summit owns a 10 percent interest in the properties.
“We are very excited about this acquisition and expansion in the Northeast,” said Elizabeth Pagliarini, chief financial officer. “The level of care in these nine facilities is quite impressive and a great fit with our continuing strategy to diversify our portfolio.”
The facilities consist of a total of 1,285 licensed beds and are leased back to the existing operator.
Summit Healthcare REIT, which focuses on investing in senior housing facilities, closed its offering in November 2010 after raising $172 million in equity, according to Summit Investment Research. As of the second quarter of 2017, the company’s portfolio consisted of 10 properties that were purchased for a combined $68.9 million. The company also holds a minority interest in three investments vehicles that own a combined 21 properties.
