Transactions: Summit Snags Nine SNFs in Northeast

Summit Healthcare REIT Acquires Interest in 9 Northeast SNFs

Summit Healthcare REIT, Inc. acquired an interest in nine Northeast skilled nursing facilities for $60 million, the Lake Forest, Calif.-based Summit announced in a press release. The facilities, with a total of 1,285 beds, will be leased back to the existing operator.

The purchase was made through Summit Fantasia Holdings III, LLC, a joint venture between Summit Healthcare Operating Partnership, LP and Fantasia Investment III LLC, a U.S. affiliate of the China-based property developer Fantasia Holdings Group. Summit and Fantasia have partnered on previous acquisitions.


Blueprint Healthcare Real Estate Advisors, a Chicago-based advisory group focused on senior housing and health care real estate transactions, managed the transaction. Blueprint’s Steve Thomes, Christopher Hyldahl, and Gideon Orion were the lead advisors.

Harborview Closes a $14.2 Million Bridge-to-HUD Loan for Texas SNF Portfolio

Harborview Capital Partners, a commercial real estate firm based in Lawrence, N.Y., arranged a $14.2 million loan for a four-facility, 472-bed skilled nursing portfolio in Texas.


The loan has a three-year term with a LIBOR-based rate and limited recourse, Harborview disclosed in an e-mail.

The transaction was originated by Avi Begun, Harborview senior originator, and negotiated by David Nussbaum, Harborview capital partner.

Ohio SNF Operator Secures $8.4 Million in HUD Refinancing

JAG Healthcare Group, Inc., based in Rocky River, Ohio, landed HUD refinancings for three skilled nursing facilities located in Ohio. Berkeley Point Capital, a capital solutions firm headquartered in Bethesda, Md., completed the loans, according to a company press release.

The three HUD loans consisted of a $6 million loan for Burbank Parke Care Center, an 86-bed facility; a $1.4 million loan for Shelby Pointe, a 46-bed facility; and a $1 million loan for Galion Pointe, a 45-bed facility.

The refinancings closed on August 3 and were led by Frank Cassidy, vice president at Berkeley Point Capital’s Philadelphia office.

Trilogy Health Services Refinances SNF and Senior Health Portfolio For $158.4 Million

Trilogy Health Services refinanced a portfolio of ten senior health campuses in Indiana, which offer skilled nursing, rehabilitation, memory care, assisted living, and independent living options.

The loan, totaling $158.4 million, puts in place a permanent debt structure with a low interest rate, and pays off existing bridge loans and a real estate revolver that were used to purchase the properties.

Lancaster Pollard, a Columbus, Ohio-based commercial real estate mortgage and investment banking firm focused on the senior living and health care sectors, assisted in securing the loan. Chris Blanda, senior vice president, led the transaction.

The Louisville, Ky.-based Trilogy operates senior health communities throughout Kentucky, Indiana, Ohio and Michigan.

Written by Elizabeth Jakaitis

Image of Burbank Parke Care Center in Ohio, courtesy of Berkeley Point Capital.

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