Beechwood Health Care Center, Inc., a New York not-for-profit corporation is undertaking financing of all or a portion of the costs of (a) the renovation and reconstruction of portions of the existing buildings constituting a 272-bed skilled nursing facility which provides both long term care programs and short term care sub-acute services in approximately 325,000 square feet of space. Beechwood is refunding the original aggregate principal amount of $14,860,000 issued on January 18, 2007 and securing new debt estimated to be $9,895,000 and not to exceed $11,500,000.