Archive for News’ Category

18

Jul
2017

Summit Healthcare REIT, Inc. acquires an assisted living/memory care facility in Arizona

Lake Forest, Calif., (July 18, 2017) – Summit Healthcare REIT, Inc. (“Summit” or the “REIT”) announced today that it has acquired an assisted living and memory care facility located in Chandler, Arizona on July 17, 2017. The facility, acquired for a total purchase price of $13.4 million, consists of a total of 90 licensed beds, and will be leased to Compass Senior Living (“Compass”), an operator who leases six other facilities in Summit’s portfolio.

The acquisition was made through Summit Chandler, LLC, which is a wholly owned subsidiary of Summit.

“This acquisition is a great fit for Summit,” said Kent Eikanas, President and Chief Operating Officer. “Our continued growth with a great operator like Compass along with the class of the facility makes for an ideal partnership.”

“Summit Healthcare REIT has been an important, positive relationship for us.” said Dennis Garboden, President of Compass Senior Living, LLC. “The Summit team has been instrumental to the steady growth of our company over the past several years, and we’re excited to add Pennington Gardens as our seventh community that we operate in a lease structure with Summit Healthcare REIT.”

About Summit Healthcare REIT, Inc.

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 32 long-term triple-net leased healthcare facilities in 12 states. Please visit our website at: http://www.summithealthcarereit.com

For more information, please contact Vince Finnegan at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2015, and the quarterly reports for the periods ended March 31, 2016 and June 30, 2016. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

read more

7

Mar
2017

Summit Healthcare REIT, Inc. acquires an interest in two skilled nursing facilities in the Northeast

Lake Forest, Calif., (March 7, 2017) – Summit Healthcare REIT, Inc. (“Summit” or the “REIT”) announced today that it has 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 Chief Operating Officer. “This is an exciting time for the REIT as we continue our expansion and diversification throughout the United States.”

About Summit Healthcare REIT, Inc.

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 31 long-term triple-net leased healthcare facilities in 11 states. Please visit our website at: http://www.summithealthcarereit.com

For more information, please contact Vince Finnegan at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2015, and the quarterly reports for the periods ended March 31, 2016 and June 30, 2016. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

read more

10

Nov
2016

Summit Healthcare REIT, Inc. acquires an interest in two assisted living and memory care facilities in California and Oregon

Lake Forest, Calif., (November 10, 2016) – Summit Healthcare REIT, Inc. (“Summit” or the “REIT”) announced today that it has acquired a twenty percent interest in a 78-bed assisted living and memory care facility located in Citrus Heights, California and a twenty percent interest in a 48-bed memory care facility located in Corvallis, Oregon, on October 31, 2016. The total purchase price for the two facilities was approximately $23 million, and financing was arranged through Capital One – Healthcare Financial Solutions, LLC.

The two facilities have been triple-net leased pursuant to a 10-year term to an affiliate of Compass Senior Living, LLC (“Compass”) which is headquartered in Eugene, Oregon. The principals of Compass have over 30 years of combined experience in senior housing. Compass leases five other properties in the REIT’s portfolio. Summit serves as the manager of the entity that holds title to each facility.

“This acquisition represents our commitment to continue investing in quality healthcare facilities to meet the demands of the nation’s aging population, and to expand the REIT’s portfolio for the benefit of our shareholders,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc. “It also demonstrates the commitment of Summit’s strategy.”

About Summit Healthcare REIT, Inc. 

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 29 long-term triple-net leased healthcare facilities in 11 states. Please visit our website at: http://www.summithealthcarereit.com

For more information, please contact Vince Finnegan at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2015, and the quarterly reports for the periods ended March 31, 2016 and June 30, 2016. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

read more

6

Sep
2016

Summit Healthcare REIT, Inc. acquires an interest in two skilled nursing facilities in Delaware

Lake Forest, Calif., (September 6, 2016) – Summit Healthcare REIT, Inc. (“Summit” or the “REIT”) announced today that it has acquired an interest in two skilled nursing facilities located in the communities of Millsboro and Smyrna, Delaware, for a total purchase price of $54.1million on September 2, 2016. The facilities consist of a total of 332 licensed beds, and will be operated by and leased to a third party operator.

The acquisition was made through a joint venture between Summit Healthcare Operating Partnership, LP (“Summit OP”), which is wholly owned by the REIT and Best Years, LLC (“Best Years”). Best Years is a U.S. based wholly owned subsidiary of Union Life Insurance Co. Ltd, a Chinese corporation. Summit OP has successfully partnered with Best Years in 15 previous acquisitions.

“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 Chief Operating Officer of Summit. “This is an exciting time for the REIT as we continue our expansion and diversification throughout the United States.”

About Summit Healthcare REIT, Inc. 

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 28 long-term triple-net leased healthcare facilities in ten states. Please visit our website at: http://www.summithealthcarereit.com

For more information, please contact Shelly Taylor at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2015, and the quarterly reports for the periods ended March 31, 2016 and June 30, 2016. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

read more

19

Jan
2016

Company Profile: Summit’s sharp strategic shift

By: Jeff Shaw, Managing Editor

SENIORS HOUSING BUSINESS

Summits Sharp Strategic Shift Summit Healthcare REIT purchased Riverglen House of Littleton, an assisted living community in New Hampshire, for $8.5 million in November. The purchase marked the end of a $53.9 million acquisition spree by the company that month. Non-traded REIT sells off industrial assets in order to invest heavily in seniors housing.

Summit Healthcare REIT survived the Great Recession, but the event caused the company’s executives and board to take a long, hard look at their plans.

At the time, Summit was involved exclusively in industrial real estate, which was particularly hard hit during the recession. The decision was made to shift the company’s focus from industrial properties to senior housing, which the company saw as a more reliable and stable sector.

For the entire article, please click on the link below.

http://www.seniorshousingbusiness.com/from-the-magazine/23-from-the-magazine/company-profile-summit-s-sharp-strategic-shift

read more

18

Nov
2015

Summit Healthcare REIT, Inc. expands to New Hampshire

Lake Forest, Calif., (November 18, 2015)Summit Healthcare REIT, Inc. (“Summit”) announced today that it has acquired a 50-unit/59-bed assisted living facility in Littleton, New Hampshire, for a purchase price of $8.5 million in a sale-leaseback transaction on November 17, 2015. Summit has assumed the HUD loan collateralized by the property in the amount of approximately $4.7 million.

The 34,684 square foot facility is operated by and leased to an affiliate of Riverglen House of Littleton, LLC (“Riverglen”) pursuant to a 15-year triple net lease. Riverglen was developed by the current operator with the mission to develop and manage assisted living communities within town centers located on uniquely attractive sites.

“Riverglen is a great addition to Summit’s portfolio,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc. “Summit now has ownership in 26 senior housing facilities spanning nine states, and we are proud of the progress we have made toward our goal of expansion and diversification of the REIT.”

About Summit Healthcare REIT, Inc. 

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 26 long-term triple-net leased healthcare facilities.

For more information, please contact Shelly Taylor at (800) 978-8136, or visit our website at http://www.summithealthcarereit.com.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2014, and quarterly reports for the periods ended March 31, 2015, June 30, 2015, and September 30, 2015. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

read more

5

Nov
2015

Summit Healthcare REIT, Inc. acquires four assisted living and memory care facilities in Wisconsin

Lake Forest, Calif., (November 5, 2015)Summit Healthcare REIT, Inc.. (“Summit” or the “REIT”) announced today that it has acquired four Wisconsin assisted living and memory care facilities. The properties are located in the cities of Green Bay and Appleton, and were purchased for approximately $18.4 million on November 2, 2015.

The facilities, which have a total of 125 units, have been triple-net leased pursuant to a 12-year term to an affiliate of Compass Senior Living, LLC (“Compass”) which is headquartered in Eugene, Oregon. Its principals, Dennis Garboden and Will Forsyth, have over 30 years of combined experience in senior housing. Compass also operates another property in the REIT’s portfolio.

“We look forward to working again with Compass on these four new acquisitions,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc. “We have been very pleased with the job they have done for us so far.”

About Summit Healthcare REIT, Inc. 

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 25 long-term triple-net leased healthcare facilities. Please visit our website at: http://www.summithealthcarereit.com

For more information, please contact Shelly Taylor at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2014, and quarterly reports for the periods ended March 31, 2015, and June 30, 2015. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

read more

4

Nov
2015

Summit Healthcare REIT, Inc. acquires an interest in four skilled nursing facilities in Texas

Lake Forest, Calif., (November 4, 2015)Summit Healthcare REIT, Inc.. (“Summit” or the “REIT”) announced today that it has acquired a 10% interest in four skilled nursing facilities located in the cities of Granbury, Woodville, Jacksonville, and Longview, Texas, for a purchase price of $27 million in a sale-leaseback transaction on October 30, 2015. The facilities consist of a total of 483 licensed beds, and will be operated by and leased to a third party operator.

The acquisition was made through a joint venture between Summit Healthcare Operating Partnership, LP (“Summit OP”), which is wholly owned by the REIT, and Best Years, LLC. Summit OP has successfully partnered with Best Years, LLC in previous acquisitions.

“We are excited to see the growth of the REIT’s portfolio and look forward to continuing our relationship with Best Years, LLC,” said Kent Eikanas, President and Chief Operating Officer of Summit.

About Summit Healthcare REIT, Inc. 

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 21 long-term triple-net leased healthcare facilities. Please visit our website at: http://www.summithealthcarereit.com

For more information, please contact Shelly Taylor at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2014, and quarterly reports for the periods ended March 31, 2015, and June 30, 2015. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

read more

2

Nov
2015

Summit Healthcare REIT, Inc. announces the election of Suzanne Koenig as the newest member of its Board of Directors

Lake Forest, Calif., (November 2, 2015)Summit Healthcare REIT, Inc. (“Summit”) announced today that Suzanne Koenig has joined the Summit Board of Directors effective October 28, 2015, pursuant to an election held at the annual meeting of stockholders.

Ms. Koenig is president and founder of SAK Management Services LLC, a nationally recognized long-term care management and healthcare consulting services company. With over 20 years of extensive experience as an owner and operator, Ms. Koenig offers specialized skills in operations improvement, staff development and quality assurance, with particular expertise in marketing, census development and operations enhancement for the whole spectrum of senior housing, long-term care and other healthcare entities requiring turnaround services.

Ms. Koenig brings to the Board approximately 30 years of experience in operating long-term care facilities. She offers the practical perspective of the challenges and opportunities confronting healthcare providers in managing the changing dynamics of this industry. Ms. Koenig is a Licensed Nursing Home Administrator and a Licensed Social Worker in multiple states where she has worked.

Ms. Koenig’s professional experience has included executive positions in marketing, development and operations management for both regional and national healthcare providers representing property portfolios throughout the United States. Recently Ms. Koenig has been appointed as the Patient Care Ombudsman, Receiver and Chapter 11 Trustee in several of the new healthcare bankruptcy filings (Chapter 11 and Chapter 7) with the advent of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), including healthcare entities such as physician practices and hospitals.

In addition, Ms. Koenig has served in an advisory and consulting capacity for numerous client engagements involving bankruptcy proceedings as well as in turnaround management situations. She offers proven proficiency in maximizing financial return and cash flow, while maintaining the highest standards of quality care.

Ms. Koenig also serves as an officer and director for several of the states’ long term care provider associations. She is the former Co-Chair of the American Bankruptcy Institute’s (ABI) Health Care Committee, a Co-Chair for the Steering Committee of the Midwest Turnaround Management Association (TMA) Chapter, and was recently elected to the Global Turnaround Management Association Board of Trustees. In addition, she is on the board of directors for the School of Social Work at the University of Illinois, Champaign-Urbana.

Ms. Koenig is a frequent speaker for various healthcare industry associations and business affiliates where she conducts continuing education and training programs. She holds a Master of Science Degree from Spertus College, Illinois, and a Bachelor of Social Work Degree from the University of Illinois, Champaign-Urbana, Illinois.

“I am thrilled to serve on the Board of Directors for Summit Healthcare REIT with such a talented, bright and motivated group of individuals who waste no time in creative solutions to advance their shareholders’ value,” said Ms. Koenig. “The REIT is in an excellent position to grow, and I look forward to adding my expertise from the industry to help shape the path to success.”

“With her vast experience in all aspects of ownership and management of long-term healthcare facilities, we are fortunate to have Suzanne join our Board as we continue to grow Summit’s portfolio,” said Kent Eikanas, President and Chief Operating Officer.

About Summit Healthcare REIT, Inc. 

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 17 long-term triple-net leased healthcare facilities. Please visit our website at: http://www.summithealthcarereit.com

For more information, please contact Shelly Taylor at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2014 and quarterly reports for the periods ended March 31, 2015, and June 30, 2015. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

read more

24

Jun
2015

Summit Healthcare REIT, Inc. President and COO speaks at IBC’s Healthcare Facilities ASIA in Singapore

Lake Forest, Calif., (June 24, 2015) – Summit Healthcare REIT, Inc. (“Summit” or the “REIT”), announced today that its president, Kent Eikanas, recently spoke at IBC’s Healthcare Facilities ASIA conference which was held June 8-11, 2015 at the Carlton Hotel in Singapore. He was asked to speak on the topic of “Finding the Right Partner for Healthcare Investment.”

Industry professionals from around the world, including the United States, South Korea, Japan, Hong Kong and Australia were present at the conference. This was Healthcare Facilities ASIA’s second annual conference which included topics such as government healthcare policies driving developments in infrastructure, partnership and investment opportunities and other healthcare-related topics.

“I was honored to speak at the Healthcare Facilities ASIA conference in front of so many industry leaders,” said Kent Eikanas. “It was great to meet healthcare professionals from around the globe and share our experience in the United States.”

About Summit Healthcare REIT, Inc.

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 17 long-term triple-net leased healthcare facilities. Please visit our website at:
http://www.summithealthcarereit.com

For more information, please contact Shelly Taylor at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc.

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2014 and the quarterly report for the period ended March 31, 2015. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

read more

Page 2 of 41234