GSH announced today that is has successfully completed a refinancing of the interim acquisition facility that it used to acquire a majority interest in the Spring Creek Rehabilitation and Healthcare Center (Spring Creek) in December 2006. This refinancing resulted in both a lower financing cost as well as an extended maturity date. These factors will allow GSH and its operating partner to make additional investment into Spring Creek, the premier skilled nursing facility in the region.

According to Fahed Boodai, CEO of GSH, "Thanks to our active management of the facility, to the substantial cost reductions, and to our partner's unique know-how, we were able to perform as projected. We are very thrilled by these results as they serve our clients and investors, whose interests and satisfaction remains our fundamental objective. We are confident and look forward to having comparable results for our future and ongoing investments.

Healthcare is the largest industry sector in the US economy, with total expenditures of $1.9 trillion, projected to increase to $3.6 trillion by 2014, with annual increase of 7%. At about $112 billion in 2004 spending, the nursing home industry has increased nearly 48 times since 1967, about 10 times since 1977, and has more than doubled since 1990.