AdCare Health Systems, Inc. (AMEX:ADK) signed a letter of intent to acquire Meadowood Retirement Village, LLC and Meadowood Properties, LLC for $5.5 million on February 16, 2017. On March 8, 2017, a purchase and sale agreement was signed. AdCare Health Systems, Inc. intends to finance the acquisition with conventional mortgage debt and cash on hand. The deal is subject to, among other things, satisfactory due diligence, debt financing, the negotiation and execution of a definitive purchase agreement and lease agreement, each of which will contain customary representations, warranties, covenants and closing conditions. The deal is expected to close in the second quarter of 2017. AdCare Health Systems, Inc. (AMEX:ADK) completed the acquisition of Meadowood Retirement Village, LLC and Meadowood Properties, LLC on May 1, 2017. In connection with the transaction, AdCare Health Systems entered into a loan agreement with the Exchange Bank of Alabama which provides for a $4.1 million of secured credit facility.