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.
|SOURCE AdCare Health Systems, Inc.|
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