AdCare Health Systems has previously developed the assisted living facility on three acres of land in a farming community located in northwest Ohio. The single-story property design created two separate ‘neighborhoods’ of which each ‘neighborhood’ contains 15 residential bedrooms arranged around community living spaces that include family kitchen, dining, laundry, parlor and hearth living rooms.
These separate ‘neighborhood’ areas are connected by a large interior atrium where residents can meet and engage in social activities. The Van Wert property is said to be large enough to allow for the expansion of additional units.
On November 18, 2008, the company acquired the remaining ownership of the property for approximately $800,000 in cash and $141,000 of two year notes.
David Tenwick, chairman of AdCare, said: “The Van Wert acquisition is another example of AdCare’s strategy in gaining all interests of the company’s long term care facilities that are currently jointly owned by partners. Our next step is to refinance the Van Wert property and take advantage of more favorable financing terms.”