GLOBAL HEALTHCARE REIT, INC. (OTCMKTS:GBCS) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantITEM 2.03CREATION OF DIRECT FINANCIAL OBLIGATION
Effective October 1, 2018, Global Abbeville Property, LLC (“GAP”), a wholly-owned subsidiary of Global Healthcare REIT, Inc. (the “Company”) entered into a revolving credit line promissory note in favor of Colony Bank (the “Note”). The Note evidences a straight line of credit, guaranteed by the Company, bearing an interest rate of 6.5% per annum, payable on demand or, if no demand, due and payable on March 30, 2019. The maximum amount of credit is $200,365 and is to be used for continuing renovations. The credit line is secured by an existing Security Deed in favor of Colony Bank dated May 25, 2017 and is cross-collateralized with the Company’s skilled nursing facility in Eastman, Georgia which is also financed by Colony Bank.
About GLOBAL HEALTHCARE REIT, INC. (OTCMKTS:GBCS)
Global Healthcare REIT, Inc. operates as a real estate investment trust (REIT) for the purpose of investing in real estate and other assets related to the healthcare industry. The Company acquires, develops, leases, manages and disposes of healthcare real estate, and provides financing to healthcare providers. The Company owns approximately nine healthcare properties, which are leased to third-party operators under triple-net operating terms. The Company’s approximately nine assisted-living facilities include Middle GA Nursing Home; Warrenton Nursing Home (Warrenton); Southern Hills Retirement Center; Goodwill Nursing Home; Edwards Redeemer Health & Rehab; Providence of Sparta Nursing Home; Providence of Greene Point Healthcare Center; Meadowview Healthcare Center, and Golden Years Manor Nursing Home. The Company’s Southern Hills Retirement Center consists of an Assisted Living facility (ALF), an Independent Living facility (ILF) and a Skilled Nursing facility (SNF).