Summit Care to Buy 10 Facilities for $24.9 Million

Summit Care Corp. in Burbank said it has agreed to pay $24.9 million to buy seven nursing homes and three retirement centers that it currently leases.

The properties, located in Southern California and Texas, are among the 17 nursing homes and four retirement centers that Summit Care operates. Its sole property in the San Fernando Valley, the Woodland Care Center in Reseda, is not among those being purchased.

Summit Care is a 52%-owned unit of Summit Health Ltd., a Burbank-based hospital operator. Summit Care said it expects to pay for the properties with the proceeds from newly issued long-term notes that would be secured by the properties. The deal is subject to approval by Summit Care’s shareholders and other conditions.