AdCare Health Systems Will Acquire Nursing Facility for $4.2M

AdCare Health Systems (NYSE MKT: ADK) has signed a definitive purchase agreement for a skilled nursing facility in South Carolina for $4.2 million. The facility has 84 beds in service and generates an estimated $3.8 million in gross annualized revenues according to its most recent financials. The acquisition is anticipated to be completed in the fourth quarter of 2012. AdCare plans to finance the acquisition of the facility with a traditional bank loan.