Summit Healthcare REIT, Inc. acquired an interest in two skilled nursing facilities located in the Northeast on February 28, 2017. The facilities, acquired for a total purchase price of $27.0 million, consist of a total of 318 licensed beds, and will be operated by and leased to the existing operator.
The acquisitions were made through Summit Fantasia Holdings II, LLC, a joint venture between Summit Healthcare Operating Partnership, LP ("Summit OP"), which is wholly owned by the REIT and Fantasia Investment III LLC ("Fantasia"), a U.S. based affiliate of Fantasia Holdings Group Co., Limited. Summit OP has previously partnered with Fantasia in a prior acquisition.
"In this competitive market, we were pleased to find an opportunity that is a good fit for Summit," said Kent Eikanas, president and COO. "This is an exciting time for the REIT as we continue our expansion and diversification throughout the United States."