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August 02, 2015 12:26 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. It invests in the real estate markets of United States. The firm invests in healthcare properties. the Summit Healthcare REIT, Inc. was founded in 2004 and is based in Lake Forest, California.

2 South Pointe Drive

Suite 100

Lake Forest, CA 92630

United States

Founded in 2004

10 Employees

Phone:

800-978-8136

Fax:

949-852-2729

Key Executives for Summit Healthcare REIT, Inc.

President, Chief Operating Officer, and Secretary
Age: 45
Chief Financial Officer
Chief Investment Officer
Compensation as of Fiscal Year 2015.

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.

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Recent Private Companies Transactions

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Target
Merger/Acquisition
May 27, 2015
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