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 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
(Investor Relations website: http://www.b2i.us/irpass.asp?BzID=1540&to=ea&s=0)
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.|
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