Byram, Mississippi – October 19, 2020 – Berkadia announced today the financing of Willow Creek Retirement Center, an 88-bed, licensed Skilled Nursing/Alzheimer property in Byram, Mississippi.
Managing Director Laura Saull Smith of Berkadia’s D.C. Metro office secured $9.75 million to refinance this property for WCR, LLC and Managing Member Robert Rotolo. The 35-year loan features an interest rate in the low twos at a maximum 100 percent of costs loan and 79 percent loan-to-value ratio. The deal closed on September 30.
“This project was previously insured by HUD and in order to remain competitive in the market, the owner, with HUD’s prior approval, completed an addition and renovation, consisting of almost 15,000 square feet, spending their own funds to do the work,” said Saull Smith.
“The new HUD loan is limited to 100 percent of costs, and the financing, including the cost of the completed renovation, is a ‘win-win’ for everyone, providing a much more competitive product for this market,” continued Saull Smith. “This will be the fourth time I’ve worked with the Rotolo family to finance this property and the new HUD loan will position Willow Creek for many more years of success.”
“We have been working with Laura for over a decade and are really pleased with the professionalism of the entire team at Berkadia. Our expectations were exceeded, and we couldn’t be happier with the record low interest rate we received,” said Rotolo.
Built in 2000, the recently renovated Willow Creek Nursing & Rehabilitation Center includes 88 skilled nursing beds, including a 20-bed locked Alzheimer Unit, located in 44 private and 22 semi-private rooms. The facility also features a new 4,000 square foot therapy gym and spa and 10,000 square foot wing for private rooms.