---
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"
generated_at: "2026-06-04T00:18:28.780152+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Summit Healthcare REIT receives default notice on $12.75M mezzanine loan from Oxford Financing

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-24-045772
- form_type: 8-K
- cik: 0001310383
- company_name: Summit Healthcare REIT, Inc
- filed_at: 2024-04-10T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.04
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-045772
- JSON: https://secwatch.observer/filing/0001104659-24-045772.json
- Plain text: https://secwatch.observer/filing/0001104659-24-045772.txt

## Key facts
- Debt Financings
  Summit Healthcare REIT, Inc reported a default on term loan of $20.0 million with Oxford Financing LLC.
  - Instrument: term loan
  - Principal: $20.0 million
  - Counterparty: Oxford Financing LLC
  - Event: default
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1310383/000110465924045772/0001104659-24-045772-index.htm
- Debt Financings
  Summit Healthcare REIT, Inc reported a default on mortgage of $91.0 million with CIBC Bank, USA.
  - Instrument: mortgage
  - Principal: $91.0 million
  - Counterparty: CIBC Bank, USA
  - Event: default
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1310383/000110465924045772/0001104659-24-045772-index.htm
- Debt Financings
  Summit Healthcare REIT, Inc reported a default on loan of $12.75 million with Oxford Financing LLC.
  - Instrument: loan
  - Principal: $12.75 million
  - Counterparty: Oxford Financing LLC
  - Event: default
  source text: (“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_url: https://www.sec.gov/Archives/edgar/data/1310383/000110465924045772/0001104659-24-045772-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.