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Summit pays $60M for stake in 9 U.S. Northeast skilled nursing facilities

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Summit pays $60M for stake in 9 U.S. Northeast skilled nursing facilities

Summit Healthcare REIT Inc. purchased an interest in nine skilled nursing facilities in the U.S. Northeast for $60 million.

The facilities have a total of 1,285 licensed beds and will be leased back to the existing operator.

The company said it made the acquisitions through Summit Fantasia Holdings III LLC, a joint venture between Summit's operating partnership and Fantasia Holdings Group Co. Ltd.'s U.S.-based affiliate Fantasia Investment III LLC.