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AdCare Health Systems, Inc. Announces the Refinancing of Three Assisted Living Properties in Ohio
Date:7/1/2008

SPRINGFIELD, Ohio, July 1 /PRNewswire-FirstCall/ -- AdCare Health Systems, Inc. (Amex: ADK), an Ohio based long term care, home care and management company, today announced the refinancing of three assisted living properties in Ohio.

Community's Hearth & Home, LTD, owns two twenty unit assisted living properties located in Springfield, Ohio and Hearth & Home of Urbana, LLC, owns one thirty-two unit assisted living property located in Urbana, Ohio. Both entities are limited liability companies with 50% owned by AdCare and 50% owned by Community-Mercy Health Partners. AdCare was the developer and is the manager of the three properties.

Red Mortgage Capital, Inc., an FHA/MAP lender, processed and funded the total $4,006,500 232/223(f) refinancing at an annual interest rate of 6.65% for a period of 35 years. The loan was closed on June 26, 2008 and is also subject to an annual insurance cost of one half per cent.

David A. Tenwick, Chairman of AdCare, stated, "We have been in the process of refinancing most of our real estate holdings and announcements will be made as additional properties are refinanced. The 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 oper
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SOURCE AdCare Health Systems, Inc.
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