Thursday, September 15, 2016

Summit Healthcare REIT Acquires Interest in Two Skilled Nursing Facilities

Summit Healthcare REIT's wholly-owned subsidiary Summit Healthcare Operating Partnership LP in a joint-venture partnership with Union Life Insurance Co., Ltd's wholly-owned subsidiary Best Years LLC acquired an interest in two skilled nursing facilities located in Millsboro and Smyrna, DE for a total purchase price of $54.1 million.

The facilities consist of a total of 332 licensed beds, and will be operated by and leased to a third-party operator.

"The acquisition of an interest in these two skilled nursing facilities is a great fit for Summit and our first acquisition in the state of Delaware," said Kent Eikanas, president and COO of Summit, which has partnered with Union in 15 other acquisitions. "This is an exciting time for the REIT as we continue our expansion and diversification throughout the United States."

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