August 30, 2017
WHEFA Bond Financing Helps St. Joseph Residence, Inc. Construct and Refinance in New London
Bonds Placed with Compass Mortgage Corporation
“Tax-exempt financing is allowing our community to not only add new construction, but to renovate and beautify our existing building with more funds available for us to use on the project because of the tax-exempt financing. Without it we would’ve had to reduce the scale of our project and wouldn’t have been able to meet all of our needs to be sustainable for the future.”
— Gidget Blank, Executive Director/CEO,
St. Joseph Residence, Inc.
Bond financing facilitated by WHEFA will be used to help St. Joseph Residence finance the construction and renovations to existing facilities in New London, including the conversion and remodeling of the first floor of the skilled nursing facility into a new 24-unit CBRF for memory care, converting semi-private rooms into private resident rooms with private bathrooms, and construction of a 10-bed short term rehabilitation unit, a new therapy treatment area, a 6-bed long-term care addition and an improved common area. Bond proceeds were also used to refinance certain other taxable loans. This federally tax-exempt financing process has enabled St. Joseph Residence to operate more effectively by financing its capital expenses at a lower interest rate (initially 2.89%).
WHEFA is proud to have been able to assist St. Joseph Residence reduce their overall debt service by providing access to low-cost private capital.