Berkadia headed to Byram, Mississippi to refinance a senior care facility. Featuring 88 beds, the facility was built in 2000 with 88 skilled nursing beds, comprised of 44 private and 22 semi-private units. There is also a 20-bed secure Alzheimer’s unit in the facility and a new 4,000-square foot therapy gym and spa.
WCR, LLC, controlled by the Rotolo family, owns the property and has worked with Berkadia three previous times to finance the property for over a decade. They recently completed an addition/renovation that was approved by HUD and consisted of almost 15,000 square feet, using their own funds to pay for it. Now, ownership has secured a $9.75 million HUD refinance from Berkadia’s Laura Saull Smith, with an interest rate in the low-2s for a 35-year term and at 79% loan-to-value. That positions the facility well for the future.
