Summit Healthcare REIT, Inc. ("Summit" or the "Company") announced that it has acquired, through a wholly owned subsidiary, eight skilled nursing facilities located in various locations of Georgia on December 30, 2021. The facilities, acquired for a purchase price of approximately $130 million, consist of a total of 826 licensed beds and will be leased back to the operator on a triple net basis.  Summit partnered with CIBC and Oxford Finance to fund the debt on the transaction. Combined with an acquisition earlier in 2021, Summit closed on over $150 million in skilled nursing facility portfolio acquisitions last year as the Company continues to partner with strong regional operators.

"We really like this transaction as the operator has a proven track record in Georgia.  We look forward to continued growth in the state." chief executive officer of Summit, Kent Eikanas, stated.

Elizabeth Pagliarini, Summit's chief operating officer and chief financial officer added, "We are excited to have experienced a spectacular year in terms of adding assets to Summit's overall portfolio."