Housing & Healthcare Finance Provides $5 Million Bridge to HUD Loan to 118 Bed Skilled Nursing Facility Owned by Adcare Health Systems
CHEVY CHASE, MD, October 1, 2013 - Housing & Healthcare Finance, LLC (HHC Finance), one of the nation’s leading healthcare lenders, today announced the funding of a $5 million bridge to HUD loan to refinance the existing debt of a 118 bed skilled nursing facility owned by Adcare Health Systems, Inc. (NYSE MKT: ADK).
Based in Roswell, GA, Adcare develops, acquires, and manages nursing homes, assisted and independent living facilities, dementia/Alzheimers units, sub-acute units, and retirement communities throughout the Southeast and Southwest. “We appreciate our growing relationship with HHC Finance,” said Boyd Gentry, CEO & President of Adcare. “Their timely bridge to HUD program was a perfect financing solution for this situation.”
Mike Gehl, CIO of HHC Finance said, “We are pleased to provide Adcare with this bridge to HUD financing which will further financially strengthen their ongoing operations. As a one stop healthcare lender, we are uniquely positioned to offer healthcare borrowers a complete range of financing solutions.”
About Adcare Health Systems, Inc.
AdCare Health Systems, Inc. (NYSE Amex: ADK) is a recognized innovator in senior living and health care facility management. AdCare develops, owns and manages assisted living facilities, nursing homes and retirement communities, as well as provides home health care services. Since its inception in 1988, AdCare's mission has been to provide the highest quality of healthcare services to the elderly. For more information about AdCare, visit www.adcarehealth.com.
About Housing & Healthcare Finance, LLC
Founded in 2002, Housing & Healthcare Finance, LLC (HHC Finance) is one of the leading HUD healthcare and multifamily lenders in the U.S. HHC Finance’s expertise in the healthcare and multifamily markets allows it to provide loans that address all of its borrowers’ financing needs. In addition to HUD loans, HHC Finance also makes line of credit and bridge loans. The Company is headquartered in Chevy Chase, MD and has additional offices in New York, New Jersey, Pennsylvania, Florida, Maine, Ohio, Illinois, Wisconsin, and California. For more information, please visit www.hhcfinance.com or email firstname.lastname@example.org.