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May 05, 2015 1:01 PM ET

Real Estate Investment Trusts (REITs)

Company Overview of Summit Healthcare REIT, Inc.

Company Overview

Summit Healthcare REIT, Inc., is a real estate investment trust. As of December 31, 2007, its portfolio consisted of 11 properties located in North Tempe and Phoenix, Arizona; Santa Fe Springs, Westminster, and Torrance, California; and Tampa and Orlando, Florida. The company qualifies as a REIT for federal income tax purposes. As a REIT, it would not be subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its shareholders. The company was founded in 2004 and is based in Irvine, California.

1920 Main Street

Suite 400

Irvine, CA 92614

United States

Founded in 2004

10 Employees

Phone:

949-852-1007

Fax:

949-852-2729

Key Executives for Summit Healthcare REIT, Inc.

Chairman of The Board, Chief Executive Officer, President, Chief Executive Officer of Cornerstone Realty Advisors Llc - Advisor, President of Cornerstone Realty Advisors Llc - Advisor and Member of Investment Committee
Age: 60
President and Chief Operating Officer
Age: 44
Chief Financial Officer
Senior Vice President and Secretary
Age: 58
Vice President
Compensation as of Fiscal Year 2014.

Summit Healthcare REIT, Inc. Key Developments

Summit Healthcare Eyes Acquisitions

Summit Healthcare REIT, Inc. is looking for acquisition opportunities. Summit Healthcare entered into a joint venture with Best Years, LLC. The new joint venture entity will own six properties in Summit Healthcare's portfolio. This move is part of an ongoing strategy of Summit Healthcare to attract and joint venture with institutional third party capital to continue to grow and diversify Summit Healthcare's senior housing portfolio. Summit Healthcare intends to use the proceeds from the contribution of a portion of its interests in the properties to acquire additional healthcare facilities.

Summit Healthcare REIT, Inc. Acquires an 84 Bed Assisted Living Facility in Front Royal, Virginia; Amends an Existing Loan Agreement to Increase the Principal Amount by $11.44 Million

Summit Healthcare REIT, Inc. announced that on January 23, 2015, the company acquired an 84 bed assisted living facility in Front Royal, Virginia (Loving Arms or the Property) from two unaffiliated third parties, Cook-Knighting Realty, LLC and Cook-Knighting, LLC, for an aggregate of $14.3 million, which was funded through cash on hand plus the proceeds from the loan. Loving Arms is leased to an affiliate of Meridian Senior Living, LLC under a 15 year triple net lease. On January 23, 2015, the company amended an existing loan agreement with The PrivateBank and Trust Company to increase the principal amount available under that existing loan by $11.44 million for a total principal availability of $20.515 million collateralized by a first priority security interest in four properties. All availability under this loan is outstanding. The loan, which bears interest at the One Month LIBOR (London Interbank Rate), with a floor of 25 basis points, plus a spread of 4.50%, has a 25 year amortization schedule and matures on September 21, 2017. The loan may be prepaid with no penalty if the four properties are refinanced through the Department of Housing and Urban Development.

Summit Healthcare REIT Buys 2 Senior Living Facilities

Summit Healthcare REIT reported that it acquired two senior living facilities on December 31, 2014, for a total purchase price of approximately $14.2 million. The two facilities acquired include Gateway Care and Retirement Center, a 38,034 square foot facility located in Portland, Oregon that has 59 beds dedicated to skilled nursing services and 32 independent living private apartments, and Applewood Retirement Community, a 45,563 square foot facility located in Salem, Oregon that has 69 independent living apartments. The facilities will be operated and leased by Sapphire Health Services pursuant to a 15-year triple net lease.

Similar Private Companies By Industry

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
January 7, 2015
Sapphire at Applewood, LLC
Merger/Acquisition
December 23, 2014
Gateway Inc.
Merger/Acquisition
December 15, 2014
Cook- Knighting, LLC And Cook-Knighting Realty, LLC
 

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