Oxford Finance LLC has provided a $96 million term loan to Summit Healthcare REIT. The financing will be used to acquire 14 skilled nursing/assisted living facilities in Indiana containing over 1,100 beds.
ALEXANDRIA, Va. and LAKE FOREST, Calif., April 10, 2019 /PRNewswire/ — Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to life sciences and healthcare services companies worldwide, today announced the closing of a $96 million term loan to an affiliate of Summit Healthcare REIT, Inc.
(“Summit”). These funds were used to purchase 14 skilled nursing/assisted living facilities in Indiana containing over 1,100 beds. Summit acquired the facilities through a newly formed joint venture among a real estate holding company, a global institutional asset management firm and a wholly-owned subsidiary of Summit.
Summit Healthcare REIT, Inc. was founded in 2004 for the purpose of investing in and owning real estate assets. The company provides investors with the full range of services necessary to acquire, lease and manage healthcare real estate and to invest in the healthcare sector with diversification by property type, location and tenants.
“Oxford is pleased to work with the Summit team to once again grow their portfolio,” said Tracy S. Maziek, head of healthcare services at Oxford Finance. “The transaction required an aggressive timeline and the flexibility to adapt to a highly dynamic process. I’m pleased we delivered on time, terms and as promised.”
Kent Eikanas, president and chief operating officer at Summit Healthcare REIT commented, “The transaction was complex with different moving pieces. Oxford’s ability to navigate the obstacles and support our objectives with professionalism throughout the process was much appreciated.”
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $5 billion in loans, with lines of credit ranging from $5 million to $150 million. Oxford is headquartered in Alexandria, Va., with additional offices in San Diego, Calif.; Palo Alto, Calif.; and the greater Boston and New York City areas. For more information, visit (http://oxfordfinance.com/).
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 57 Senior Housing facilities in 14 states. Please visit its website at: http://www.summithealthcarereit.com