April 27, 2016
WHEFA Bond Financing Helps New Glarus Home, Inc. Expand and Renovate in New Glarus
“This project will allow us to carry out our mission in a fashion that is consistent with the needs and expectations of our customers. We feel blessed to be able to contribute not only the services that will enhance the lives of our current and future residents, but to also create additional employment opportunities for our community and Green County.”
– Erin Francois
Chief Executive Officer / Executive Director
New Glarus Home, Inc.
Bond financing facilitated by WHEFA will be used to help New Glarus Home, Inc. finance the renovation, remodeling and expansion of the existing 97-bed skilled nursing facility to add an approximately 38,000 square foot addition for updated resident rooms, physical therapy and rehabilitation services, and the complete remodeling of the 44,685 square foot existing nursing home. This federally tax exempt financing process has enabled New Glarus Home to operate more effectively by financing its capital expenses at a lower interest rate (initially 2.98%).
WHEFA is proud to have been able to assist New Glarus Home, Inc. by reducing their overall debt service and allowing them to grow and compete by providing access to low cost private capital.