Navigation Links
AdCare Health Systems, Inc. Announces the Refinancing of a Nursing Home in Ohio
Date:7/31/2008

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.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. AdCare Health Systems, Inc. Announces the Refinancing of Three Assisted Living Properties in Ohio
2. AdCare Health Systems, Inc. Reports Financial Results for 2007
3. AdCare Announces the Refinancing of a Nursing Home in Ohio
4. AdCare Health Systems, Inc. Announces 2007 Third Quarter Earnings Release and Conference Call Schedule
5. AdCare Health Systems, Inc. Reports Discontinuation of Definitive Merger Agreement with Family Home Health Services, Inc.
6. ACS Signs Five-Year, $100 Million Deal to Provide Technology Services to UMass Memorial Health Care, Inc.
7. Go Healthy Receives Letter of Recognition From the Texas Chiropractic Association
8. HealthCare.com Adds The Miami Herald to its Care Provider Search™ Network
9. Cardiva Medical Announces Presentation at BMO Capital Markets 2008 Focus on Healthcare Conference
10. Healthcare Consulting Leader QHR, Strategic Health Care, Sen. Roger Wicker Partnership Yields $500,000 Grant for King's Daughters Medical Center
11. Healthcare Leaders Focus on Patient-Centered Care at Annual Planetree Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... ... October 13, 2017 , ... Ellevate Network, the leading network for professional women, ... towards gender equality at their inaugural Summit in New York City in June. The ... social audience of over 3 million. To watch the Mobilize Women video, click ...
(Date:10/13/2017)... ... October 13, 2017 , ... Yisrayl Hawkins, Pastor and Overseer at ... of the most popular and least understood books in the Holy Scriptures, Revelation. The ... that have baffled scholars for centuries. Many have tossed it off as mere rubbish, ...
(Date:10/13/2017)... Fairfax, VA (PRWEB) , ... October 13, 2017 ... ... provider of DevOps and Agile Software Development, has been awarded a contract by ... (EATS) Blanket Purchase Agreement (BPA) aims to accelerate the enterprise use of Agile ...
(Date:10/13/2017)... ... October 13, 2017 , ... “America On The Brink”: the Christian history ... The Brink” is the creation of published author, William Nowers. Captain Nowers and ... WWII veteran, he spent thirty years in the Navy. Following his career as ...
(Date:10/12/2017)... ... October 12, 2017 , ... CitiDent ... sleep apnea using cutting-edge Oventus O2Vent technology. As many as 18 million ... by frequent cessation in breathing. Oral appliances can offer significant relief to about ...
Breaking Medicine News(10 mins):
(Date:10/7/2017)... IRVING, Texas , Oct. 6, 2017   ... industry with more than $100 billion in purchasing power, ... industry news and information. The Newsroom is ... chain and industry trends, infographics, expert bios, news releases, ... Besides having access to a wealth of resources at ...
(Date:10/4/2017)... , Oct. 4, 2017  South Korean-based healthcare product ... training aide "cprCUBE" on Kickstarter. The device will educate ... cardiac arrests with better efficiency compared to the dated ... real-time feedback on efficacy of the compression for a ... has a goal to raise $5,000. ...
(Date:10/4/2017)... , Oct. 4, 2017 OBP ... self-contained, illuminating medical devices, today announced regulatory approval ... Surveillance Agency (or Agência Nacional de Vigilância Sanitária ... single-use, cordless surgical retractor with integrated LED light ... access, illumination and exposure of a tissue pocket ...
Breaking Medicine Technology: