SPRINGFIELD, Ohio, Dec. 4 /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.
The Pavilion, a 50-bed nursing home facility located in Sidney, Ohio, was originally financed with an FHA Section 232/223(f) insured mortgage loan. In 2007, part of the facility was remodeled into 10 single, private bed rooms and a new therapy addition. Red Mortgage Capital, Inc., an FHA/MAP lender, processed and funded the $2,108,800 223(a)(7) refinance which reduced the mortgage interest rate and generated annual debt service savings.
David A. Tenwick, Chairman of AdCare, stated, "With interest rates becoming more favorable, the Company is in the process of evaluating all its properties to determine if refinancing is an option. With the refinancing of The Pavilion, the Company realizes a cost savings on the debt service on the new loan."
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 skille
|SOURCE AdCare Health Systems, Inc.|
Copyright©2007 PR Newswire.
All rights reserved