November 20, 2015
WHEFA Bond Financing Helps Bethany Lutheran Homes, Inc. Refinance in Onalaska
“Bond financing through WHEFA is a vital part of our organization’s strategic planning process. The tax savings are passed directly on to those we serve in the community, making our senior living options affordable to a wide range of income levels. Kudos to the State of Wisconsin and WHEFA for providing this capital financing option. ”
– Todd D. Wilson, Chief Executive Officer
Bethany Lutheran Homes, Inc.
Bond financing facilitated by WHEFA was used to help Bethany Lutheran Homes refinance bonds previously issued in 2007, the proceeds of which were originally used to finance the construction and equipping of Eagle Crest North, a senior housing community in Onalaska, Wisconsin. The net present value savings following the refinancing was approximately $3.1 million. This federally tax-exempt financing process has enabled Bethany Lutheran Homes to operate more effectively by refinancing its capital expenses at a lower interest rate (initially 2.88%).
WHEFA is proud to have been able to assist Bethany Lutheran Homes by reducing their overall debt service and allowing them to grow and compete by providing access to low-cost private capital.