SunLink Health Systems, Inc. (NYSE:MKT: SSY) SunLink Health Systems, Inc. today announced that its subsidiary closed a $2.1 million mortgage loan for the acquisition of a 46,000 square foot medical complex in Ellijay, GA comprised of a 42,000 square foot medical office, a 4,400 square foot community center and a 2,300 square foot administrative building. The purchase price of the medical complex was $1.8 million with the remaining loan proceeds to be used for closing costs and working capital. The properties will be leased and managed by SunLink’s North Georgia Medical Center which is also located in Ellijay, Georgia. The loan was made by Pioneer Bank SSB and partially guaranteed under the U.S. Department of Agriculture, Rural Development Business & Industry Program. The loan is repayable monthly over 25 years at floating Prime Rate plus 1.5%. SunLink was assisted in this transaction by B & I Capital Associates, Inc. and Capital Business Solutions, LLC.
Robert M. Thornton Jr., chairman and chief executive officer of SunLink, commented, “This financing allows us to expand and consolidate the medical office space to support North Georgia Medical Center. These assets also allow North Georgia Medical Center to improve its outpatient services, grow its physicians and hospital services, and increase its community outreach initiatives, all of which will enhance the hospital’s competitive position in this fast-growing market.” Mr. Thornton continued, “This financing also underscores the confidence our financial partners have in our business model as we execute our strategy of delivering quality, efficient medical care in each community we serve.”
SunLink Health Systems, Inc. currently operates four community hospitals and related businesses in the Southeast and Midwest, excluding Memorial Hospital of Adel that the company has contracted to sell, and a specialty pharmacy company in Louisiana. Each SunLink facility is the only hospital in its community. SunLink’s operating strategy is to link patients’ needs with dedicated physicians and health professionals to deliver quality, efficient medical care in each community it serves. For additional information on SunLink Health Systems, Inc, please visit the company’s website at www.sunlinkhealth.com.
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