AdCare Property Holdings, LLC, a subsidiary of AdCare Health Systems, Inc., plans to acquire Sumter Valley Nursing and Rehab Center, a 96-bed skilled nursing facility located in Sumter, South Carolina from Pinewood Holdings, LLC for an aggregate purchase price of $5.5 million, according to an 8-K filing.
The purchase price consists of $5.25 million in cash and a $250,000 promissory note issued by an AdCare subsidiary to Pinewood, with an interest rate of 6% based on a 15-year amortization schedule. AdCare Holdings has deposited $100,000 into escrow to be held as earnest money, which will be applied against the purchase price once the transaction is completed.
The closing is expected to occur on June 29, 2012.
AdCare also announced that it’s extending the closing date of another purchase agreement to May 31, 2012, for a Lonoke, Arkansas skilled nursing facility it has agreed to buy from Gyman Properties, LLC.
Further, AdCare announced that on April 30, 2012: APH&R Property Holdings, LLC, another AdCare subsidiary, completed the acquisition of Abington Place Health and Rehab Center, a 120-bed skilled nursing facility located in Little Rock, Arkansas, for $3.6 million.
Written by Alyssa Gerace