December 28, 2017
WHEFA Bond Financing Helps Benevolent Corporation Cedar Community Construct, Renovate and Refinance in West Bend
Bonds Underwritten by B.C. Ziegler and Company
“This bond issue enables us to secure long-term financing at historically low rates, and invest in the growth of our organization.”
– Lynn W. Olson, Chief Executive Officer
Benevolent Corporation Cedar Community
Bond financing facilitated by WHEFA will be used to help Benevolent Corporation Cedar Community finance the costs associated with the construction, renovation, and equipping of certain healthcare and senior livings facilities in West Bend, Wisconsin, including construction of a new 18-unit CBRF for frail elderly and dementia and construction of new independent living housing. Bond proceeds were also used to refinance bonds previously issued by WHEFA in 2007 and 2013. The net present value savings following the refinancing was approximately $300,000. This federally tax-exempt financing process has enabled Benevolent Corporation Cedar Community to operate more effectively by financing and refinancing its capital expenses at lower interest rates (3.00-5.00%).
WHEFA is proud to have been able to assist Benevolent Corporation Cedar Community reduce their overall debt service by providing access to low-cost private capital.