December 16, 2015
WHEFA Bond Financing Helps
REF Bridgeway Commons, LLC Secure Long-Term Financing in Platteville
“The Real Estate Foundation is grateful to all the members of our team that made this financing possible. This Public Private Partnership allows us to provide a quality facility that is affordable for the students at UW-Platteville. The students can have the full benefit of an on campus public building operated by the University while the debt remains with the private nonprofit Real Estate Foundation.”
– Bill Kloster, Executive Director
UW – Platteville Real Estate Foundation, Inc.
Bond financing facilitated by WHEFA was used to help REF Bridgeway Commons, LLC refinance an interim taxable loan, the proceeds of which were used to finance the acquisition, construction and equipping of Bridgeway Commons, a 110 unit/440 bed student residence and dining facility of approximately 172,000 square feet located on the University of Wisconsin – Platteville campus and completed in August 2013. This federally tax-exempt financing process has enabled REF Bridgeway Commons, LLC to operate more effectively by refinancing its capital expenses at a lower interest rate (initially 3.25%).
WHEFA is proud to have been able to assist REF Bridgeway Commons, LLC by reducing their overall debt service and allowing them to grow and compete by providing access to low-cost private capital.