January 25, 2018
WHEFA Bond Financing Helps Oakwood Lutheran Senior Ministries Construct and Renovate in Madison
Bonds Placed with Branch Banking and Trust Company (BB&T)
“Oakwood Lutheran Senior Ministries is proud of this opportunity through the issuance of tax-exempt bonds, to enhance and grow our services on Madison’s Eastside through the expansion of our Prairie Ridge campus. We look forward to welcoming over 100 new residents to our thriving community. By enlarging and improving our services we hope that, along with our campus residents, those living in the Madison and Sun Prairie area will join us as we promote living, growing and thriving.”
– Rick Bova, Chief Executive Officer
Oakwood Lutheran Senior Ministries
Bond financing facilitated by WHEFA will be used to help Oakwood Lutheran Senior Ministries finance the construction, renovation and equipping of 73 additional independent living units, 33 additional residential care apartment complex units, and enhancements to the current community center space all located at Oakwood Village Prairie Ridge in Madison, Wisconsin. This federally tax-exempt financing process has enabled Oakwood Lutheran Senior Ministries to operate more effectively by financing its capital expenses at a lower interest rate (initially 2.66%).
WHEFA is proud to have been able to assist Oakwood Lutheran Senior Ministries reduce their overall debt service by providing access to low-cost private capital.