August 1, 2017
WHEFA Bond Financing Helps Grant Regional Health Center, Inc. Expand and Refinance in Lancaster
Bonds Placed with Wisconsin Bank & Trust
“As a non-profit hospital, we are very fortunate to utilize tax-exempt financing for our expansion project. It allows us to move forward – to enhance our programs, technology and facilities to assure thriving healthcare services well into the future.”
— Nicole Clapp, President/CEO,
Grant Regional Health Center, Inc.
Bond financing facilitated by WHEFA will be used to help Grant Regional Health Center, Inc. (“Grant Regional”) finance the construction of 32,000-square feet of new space and renovation of 39,000 square feet of existing space at the critical access hospital in Lancaster, Wisconsin. The new space will include a new medical surgery unit and multispecialty physician clinic with a rooftop heliport, ambulance garage, centralized registration and additional patient parking. The renovated space will encompass a new radiology suite, surgery expansion and certain other capital expenditures related to the existing hospital facilities. Bond proceeds were also used to refinance bonds previously issued by the City of Lancaster in 2007. This federally tax-exempt financing process has enabled Grant Regional to operate more effectively by financing its capital expenses at lower interest rates (initially 3.55-3.65%).
WHEFA is proud to have been able to assist Grant Regional reduce their overall debt service by providing access to low-cost private capital.