July 18, 2018
$46,930,000
WHEFA Bond Financing Helps Bethany Lutheran Homes, Inc.
Construct and Refinance in La Crosse
Bonds Placed with Bremer Bank
“WHEFA provides an efficient way for non-profit organizations to finance projects with tax-exempt bonds. The lower cost of tax-exempt financing allows Bethany Lutheran Homes to grow our mission of providing quality housing and care services to seniors in our community. We truly appreciate the expertise and professionalism of the WHEFA staff.”
– Todd Garves, Chief Financial Officer
Bethany Lutheran Homes, Inc.
This project will create 50 permanent jobs with an annual payroll of $2.5 million. Approximately, 150 construction jobs will be created as well. Bethany Lutheran Homes, Inc. employs approximately
350 full-time equivalents in Wisconsin.
Bond financing facilitated by WHEFA will be used to help Bethany Lutheran Homes, Inc. finance the acquisition, construction and equipping of an addition to the existing Eagle Crest South senior housing facility in La Crosse, Wisconsin, to add 181 units to be comprised of 112 independent living residential care apartment units, 36 assisted living units and 33 memory care units along with related supportive services and facilities. Bond proceeds were also used to refinance bonds previously issued by WHEFA in 2014. This federally tax-exempt financing process has enabled Bethany Lutheran Homes, Inc. to operate more effectively by financing and refinancing its capital expenses at a lower interest rate.
WHEFA is proud to have been able to assist Bethany Lutheran Homes, Inc. reduce their overall debt service by providing access to low-cost private capital.
