November 4, 2016
WHEFA Bond Financing Helps Oakwood Lutheran Senior Ministries Refinance in Madison
“Restructuring our existing debt with WHEFA will reduce our annual debt service and allow us to provide more programs and services for older adults. The tax-exempt bond market is critical to financing projects for our organization. WHEFA has been a valued partner, helping Oakwood Lutheran Senior Ministries obtain the funds necessary to carry out and grow our mission. With WHEFA’s support, we can give more back to our residents making their lives more secure, more active and healthier.”
– Rick Bova, Chief Executive Officer
Oakwood Lutheran Senior Ministries
Bond financing facilitated by WHEFA was used to help Oakwood Lutheran Senior Ministries refinance bonds previously issued by WHEFA in 2000, 2003 and 2005. Bond proceeds will also be used to finance costs associated with the acquisition of land adjacent to Oakwood’s University Woods senior living campus, and to finance certain other capital expenditures. This tax-exempt financing process has enabled the borrower to operate more effectively by financing and refinancing its capital expenses at a lower interest rate (initially 1.34%).
WHEFA is proud to have been able to assist Oakwood Lutheran Senior Ministries by reducing their overall debt service and allowing them to grow and compete by providing access to low cost private capital.