First Citizens Bank’s Healthcare Finance business served as lead arranger of $115 million in financing for the acquisition of eight skilled nursing facilities in Illinois. The borrower is a Midwest-based healthcare real estate investment and management company that invests in a variety of post-acute facilities, with investments in over 24 states, First Citizens said in […]
Summit Healthcare REIT
A nursing home operator in Connecticut, iCare Health Network, bought eight skilled nursing facilities owned by California-based Summit Healthcare REIT for $60 million. Summit REIT purchased the centers in 2017, but iCare Health Network had been the operator of the nursing homes since as early as 1999. “The transaction was not a new acquisition or […]
Laguna Hills, Calif.-based Summit Healthcare REIT has promoted CFO Elizabeth Pagliarini to the role of CEO, the company announced on Tuesday. Pagliarini took on the role as of July 15, Summit’s Board of Directors said in a press release. The role was previously filled by Kent Eikanas, who resigned from his position on July 14, […]
While industry leaders have bashed many of the proposals laid out in the Biden administration’s nursing home reform package, improving public transparency of SNF ownership may be the White House’s best plan to curb who they see as “bad actors.” However, the details will be important to get right, with concerns about the impact that […]
While the Biden administration is seemingly trying to push private equity out of the skilled nursing sector, there seems to be growing confusion and frustration on how blaming such a small fraction of the overall sector is going to solve some of the challenges the industry currently faces. The skilled nursing market has been one […]
Summit Healthcare REIT closed out 2021 with a splash. Keeping true to their word, the Lake Forest, Calif-based real estate investment trust closed the year with a significant investment in the skilled nursing space, completing a transaction for eight skilled nursing facilities in various locations throughout the state of Georgia, the company posted to LinkedIn […]
After a “quiet” year in 2020, Summit Healthcare REIT is looking to make more transaction noise going into 2022. The Lake Forest, Calif.-based real estate investment trust (REIT) in July acquired three skilled nursing facilities in California for $20 million, and considers itself to be “back in acquisition mode,” Elizabeth Pagliarini, COO and CFO of […]
Summit Healthcare REIT acquired three skilled nursing facilities in San Bernardino County, Calif. for more than $20 million, the real estate investment trust announced Wednesday. The facilities, which include 191 licensed beds, will be leased to Rockwell Healthcare LLC on a triple net lease basis, the announcement stated. “This has been a dream of ours […]
The federal government sent a shockwave through the post-acute and long-term care landscape earlier this month when it disclosed that the new Medicare payment model for nursing homes had increased total spending by 5% — counter to its goal of budget neutrality. But while officials mull the ways that the Patient-Driven Payment Model (PDPM) could […]
If there’s been one constant in 2020, it’s been uncertainty — and the post-acute and long-term care landscape has seen more than its fair share. For operators and the residents they serve, that murkiness has taken the form of shifting mandates, questions about reopening their properties to vital visits from family and friends, and the […]
The COVID-19 crisis exposed countless vulnerabilities in the nation’s long-term care infrastructure, but the design of the buildings themselves might loom the largest: With multiple-person rooms the norm in aging physical plants across the country, today’s nursing homes simply weren’t built with infection control in mind. And as the industry and the government look ahead […]
Summit Healthcare REIT on Thursday announced the promotion of two top executives to new posts. President Kent Eikanas will now serve as CEO of the Lake Forest, Calif.-based real estate investment trust (REIT), which has holdings in both skilled nursing facilities and senior housing. Eikanas had held the title of president since September 2012, and […]
Two 120-bed skilled nursing facilities in Houston and Lubbock, Texas — both formerly operated by Senior Care Centers — were leased to two regional operators based in the Lone Star State. The transaction, which was facilitated by the Chicago-based advisory firm Helios Healthcare Advisors, was structured at market lease rates and with pre-negotiated purchase options. […]
Summit Healthcare REIT, Inc. has a bullish outlook on skilled nursing properties over the coming years, but that doesn’t mean every property is a winner. As of the end of 2018, the Lake Forest, Calif.-based real estate investment trust (REIT) owned four skilled nursing properties outright and 27 through various joint ventures — and that […]
Summit Healthcare REIT, Inc. acquired an interest in 14 skilled nursing and assisted living facilities in Indiana for $125 million, with plans to lease them back to the seller on a triple-net basis. The acquisition, announced Wednesday, was made through a newly formed joint venture among a wholly-owned subsidiary of Summit, a real estate holding […]
Cascadia Healthcare Becomes Largest Post-Acute Operator in Idaho Cascadia Healthcare announced several transactions that made the Eagle, Idaho-based post-acute health care company the largest such operator in the state. Cascadia of Nampa, a 99-bed transitional care facility in Nampa, Idaho, opened most recently. In addition, Cascadia expects to open a similar construction facility in Boise, Idaho, early next […]
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 […]
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