AdCare Health Systems, Inc. (NYSE Amex: ADK) announced the completion of its acquisition of Mountain Trace Nursing Center, a 106-bed nursing facility in Sylva, North Carolina for $6.1 million. The company expects the facility to generate an estimated $7.8 million in annualized revenues. AdCare plans to finance the acquisition of the facility using a bank loan guaranteed by the United States Department of Agriculture (USDA).
"Mountain Trace is the thirteenth facility we’ve acquired or leased since we began our M&A campaign at the end of last year," said Chris Brogdon, AdCare’s vice chairman and chief acquisitions officer. "It represents our first entrance into North Carolina and is in line with our expansion into the Southeast. As reflected in this facility’s high occupancy, this acquisition is well-supported by regional demographics."