AdCare Health Systems Inc. announced that, as part of its ongoing strategic plan to transition from an owner and operator of healthcare facilities to a healthcare property holding and leasing company, it has obtained from a third-party lender two conditional mortgage refinancing commitments to refinance, on a long-term basis, approximately $21.0 million of current mortgage debt due February 2015 with respect to the company's Northridge Health Care, Woodland Hills Health Care and Cumberland Healthcare nursing facilities, each located in Arkansas, and the company's Georgetown Healthcare and Rehabilitation and Sumter Valley Nursing and Rehab Center, each located in South Carolina. The commitments for the refinancing of the Arkansas Properties and the refinancing of the South Carolina Properties each provide for a maturity date of September 1, 2016, monthly payments of principal plus interest based on a 25-year mortgage-style amortization, and an interest rate per annum of LIBOR plus 425 basis points, among other terms. Each commitment terminates on April 23, 2015 if the applicable refinancing transaction is not completed by such date.

The company also announced that Laurence E. Sturtz resigned from the company's board of directors due to health reasons.