Willowood Extended Care Purchases Berkshire Nursing Facilities With Help From $30 Million MassDevelopment Bond
February 8, 2011
MassDevelopment has issued a $30 million tax-exempt bond on behalf of Willowood Extended Care Services (WECS), which owns and operates skilled nursing facilities in Berkshire County. The organization will use bond proceeds to buy three skilled nursing facilities in Williamstown, North Adams, and Great Barrington that are currently operated by WECS affiliates. TD Bank bought the bond, with Berkshire Bank participating in a portion of the purchase.
“Skilled nursing facilities are invaluable for those with rehabilitation and long-term care needs,” said MassDevelopment President and CEO Robert L. Culver. “WECS represents a key provider of this type of care in Berkshire County, and this tax-exempt financing will ensure the organization can continue to meet the needs of patients.”
WECS is a subsidiary of Berkshire Healthcare, the largest nonprofit provider of skilled nursing services in the Berkshires. Berkshire Healthcare provides a full spectrum of care options, including long- and short-term rehabilitation and other specialized nursing care options, a continuing care retirement community, a hospice agency, and adult day health programs.
“This financing structure advances our strategic interests in Berkshire County and will enable us to continue to invest in effective and necessary post-acute and long-term care programs and services for the residents of this community,” said William C. Jones, Executive Vice President of Berkshire Healthcare. “We are grateful to MassDevelopment, TD Bank and all of the professionals engaged in this financing project for the support and confidence they have in us.”
MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.