{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-24-045772","form_type":"8-K","ticker":null,"cik":"0001310383","company_name":"Summit Healthcare REIT, Inc","filed_at":"2024-04-10T23:59:59+00:00","discovered_at":"2026-05-14T18:03:17.790424+00:00","generated_at":"2026-06-04T00:18:28.780152+00:00","sec_items":["2.04"],"event_type":"other_material","sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Summit Healthcare REIT receives default notice on $12.75M mezzanine loan from Oxford Financing","bullets":["Received notice of default on March 12, 2024 for mezzanine loan due to missed interest payments from December 2023 to March 2024.","Oxford exercised rights including appointment of independent manager over GA8 Properties, removing Summit as manager.","Default also triggers cross-defaults under subordinated term loan with Oxford and mortgage loan with CIBC.","Summit remains owner of GA8 Properties but is evaluating impact on consolidation of these assets.","All interest and principal payments to CIBC on the $91M mortgage loan have been made timely."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-24-045772","json":"https://secwatch.observer/filing/0001104659-24-045772.json","markdown":"https://secwatch.observer/filing/0001104659-24-045772.md","text":"https://secwatch.observer/filing/0001104659-24-045772.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1310383/000110465924045772/0001104659-24-045772-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1310383/000110465924045772/tm2411552d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-04T00:18:28.780152+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0d23c0df985556077ee44c60654aebad6fe9f27c","claim":"Summit Healthcare REIT, Inc reported a default on term loan of $20.0 million with Oxford Financing LLC.","evidence_excerpt":"in Georgia (the “GA8 Properties”), subject to a $91.0 million non-recourse first priority mortgage loan with CIBC Bank, USA, (“CIBC”) collateralized by those properties, a $20.0 million non-recourse subordinated term loan with Oxford Financing LLC (“Oxford”) collateralized by those properties and a $12.75 million mezzanine loan with Oxford secured by the equity","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1310383/000110465924045772/0001104659-24-045772-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"$20.0 million"},{"label":"Counterparty","value":"Oxford Financing LLC"},{"label":"Event","value":"default"}],"fact_type":"debt_financing"},{"claim_id":"c2108574139916d03a69202e63591fe05a187650","claim":"Summit Healthcare REIT, Inc reported a default on mortgage of $91.0 million with CIBC Bank, USA.","evidence_excerpt":"REIT, Inc. (“Summit”) formed Summit Georgia Holdings LLC (“Summit Georgia”) and acquired the underlying eight properties located in Georgia (the “GA8 Properties”), subject to a $91.0 million non-recourse first priority mortgage loan with CIBC Bank, USA, (“CIBC”) collateralized by those properties, a $20.0 million non-recourse subordinated term loan with Oxford","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1310383/000110465924045772/0001104659-24-045772-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"mortgage"},{"label":"Principal","value":"$91.0 million"},{"label":"Counterparty","value":"CIBC Bank, USA"},{"label":"Event","value":"default"}],"fact_type":"debt_financing"},{"claim_id":"e8167e9956e88afe12106c5124b298397ade4091","claim":"Summit Healthcare REIT, Inc reported a default on loan of $12.75 million with Oxford Financing LLC.","evidence_excerpt":"(“CIBC”) collateralized by those properties, a $20.0 million non-recourse subordinated term loan with Oxford Financing LLC (“Oxford”) collateralized by those properties and a $12.75 million mezzanine loan with Oxford secured by the equity interests of Summit Georgia. As previously disclosed, we have been out of compliance with respect to our debt covenants for our","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1310383/000110465924045772/0001104659-24-045772-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$12.75 million"},{"label":"Counterparty","value":"Oxford Financing LLC"},{"label":"Event","value":"default"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}