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 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. DATASOURCE: AdCare Health Systems, Inc.
CONTACT: April Spittle, Manager of Corporate Communications, +1-703-893-0021, ext. 108, Web site: http://www.adcarehealth.com/
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