SPRINGFIELD, Ohio, July 31 OH-AdCare-Nursing
SPRINGFIELD, Ohio, July 31 /PRNewswire-FirstCall/ -- AdCare Health
Systems, Inc. (Amex: ADK), an Ohio based long term care, home care and
management company, today announced the refinancing of one of its nursing
homes in Ohio.
Hearth & Care of Greenfield, LLC, is a 50-bed single story nursing home
facility located in Greenfield, Ohio. Recently, the property was renovated
with the addition of 10 state of the art private bedrooms, along with a new
kitchen, laundry, activity and therapy rooms, a new front entrance and
enhanced nurses' station totaling 10,550 square feet. Red Mortgage Capital,
Inc., an FHA/MAP lender, processed and funded the $2,524,800 232/223(f)
refinancing at an annual interest rate of 6.50% for a period of 30 years. The
loan was closed on July 28, 2008 and is also subject to an annual insurance
cost of one half per cent.
David A. Tenwick, Chairman of AdCare, stated, "The refinancing of Hearth &
Care of Greenfield was a cash out refinancing, allowing AdCare to
substantially increase cash on hand and improve balance sheet flexibility by
recovering $800,000 previously invested in the renovation of the property. We
now have long term, fixed rate HUD financing in place on six of the seven
properties we have ownership interests in, and we will start the process to
refinance our seventh property in the near future. The fixed rate, longer
term and non-recourse re-financings should help with our equity and
acquisition-line funding."
About AdCare Health Systems, Inc.
AdCare Health Systems, Inc. (Amex: ADK) develops, owns and manages
assisted living facilities, nursing homes and retirement communities and
provides home health care services. Prior to becoming a publicly traded
company in November of 2006, AdCare operated as a private company for 18
years. AdCare's 920 employees provide high-quality care for patients and
residents residing in the 15 facilities that they manage, seven of which are
assisted living facilities, six skilled nursing centers and two independent
senior living communities. The Company has ownership interests in seven of
those facilities. In the ever expanding marketplace of long term care,
AdCare's mission is to provide quality healthcare services to the elderly.
Safe Harbor Statement
Statements contained in this press release that are not historical facts
may be forward-looking statements within the meaning of federal law. Such
forward-looking statements reflect management's beliefs and assumptions and
are based on information currently available to management. The forward-
looking statements involve known and unknown risks, results, performance or
achievements of the Company to differ materially from those expressed or
implied in such statements. Such factors are identified in the public filings
made by the Company with the Securities and Exchange Commission and include
the Company's ability to secure lines of credit and/or an acquisition credit
facility, find suitable acquisition properties at favorable terms, changes in
the health care industry because of political and economic influences, changes
in regulations governing the industry, changes in reimbursement levels
including those under the Medicare and Medicaid programs and changes in the
competitive marketplace. There can be no assurance that such factors or other
factors will not affect the accuracy of such forward-looking statements.
SOURCE AdCare Health Systems, Inc.
