July 6 & August 4, 2017
WHEFA Bond Financings Help LindenGrove, Inc. Expand in Waukesha & New Berlin
and Refinance in Multiple Locations
Bonds Placed with Compass Mortgage Corporation & JPMorgan Chase Bank, N.A.
“WHEFA’s knowledge and assistance throughout the process was crucial to the success of our tax-exempt financing. Accessing tax-exempt funds will enable us to expand much needed healthcare services to the elders we serve.”
— Mark Sperka, CFO,
Bond financings facilitated by WHEFA will be used to help LindenGrove, Inc. finance the costs associated with the acquisition, construction, and equipping of two 24-unit community based residential facilities, one on each of the existing campuses in Waukesha and New Berlin, and the renovations, remodeling, and conversion of existing shared rooms into private suites and skilled facility rooms and space into 20 units at the existing campus in Waukesha, as well as other improvements to existing facilities. Bond proceeds were also used to refinance bonds previously issued by WHEFA in 2012. The net present value savings following the refinancing was approximately $2.4 million. This federally tax-exempt financing process has enabled LindenGrove to operate more effectively by financing its capital expenses at lower interest rates (initially 3.14-3.22%).
WHEFA is proud to have been able to assist LindenGrove reduce their overall debt service by providing access to low-cost private capital.