Summit Care Completes Purchase of Facilities

Summit Care Corp. in Burbank said it completed the purchase of seven nursing homes and three retirement centers for $24.9 million.

The properties, which Summit Care was leasing, are located in Southern California and Texas. The nursing care centers have 952 beds and the three retirement centers have 368 beds. All told Summit Care operates 17 nursing homes and four retirement centers.

In financing the purchase, which was previously announced, Summit Care said it issued $25 million in 10-year notes, at a fixed interest rate of 8.96%, that are secured by the properties. Summit Care’s majority owner is Summit Health Ltd., a hospital operator also based in Burbank.