February 14, 2018
$19,230,000
WHEFA Bond Financing Helps Upland Hills Health, Inc. Construct in Dodgeville
Bonds Placed with Compass Mortgage Corporation
“Upland Hills Health is very grateful for WHEFA’s involvement in completing the financing for our project. The favorable terms of our tax-exempt financing provided us significant savings. Those savings will help us complete the building project and help us fulfill our charitable purpose to provide care for and improve the health of the populations we serve in a high-quality cost-effective manner.”
– Karl Pustina, VP of Finance
Upland Hills Health, Inc.
This project will create 1-3 permanent jobs with an annual payroll of approximately $150,000, as well as 139 construction jobs. 498 total jobs will be retained with an annual payroll of over $25.2 million. Upland Hills Health, Inc. employs approximately
358 full-time equivalents in Wisconsin.
Bond financing facilitated by WHEFA will be used to help Upland Hills Health, Inc. finance costs associated with the acquisition, construction and equipping of an addition and renovations to the 25-bed critical access hospital located in Dodgeville, Wisconsin, including expansion of the first-floor surgical area, a second-floor addition for private inpatient rooms, new birthing and C-section suites, and other capital improvements. This federally tax-exempt financing process has enabled Upland Hills Health, Inc. to operate more effectively by financing its capital expenses at a lower interest rate. Upland Hills Health, Inc. has received a Letter of Conditions (a commitment) for a loan from the United States Department of Agriculture – Rural Development (USDA) to refinance the bonds upon completion of construction of the project.
WHEFA is proud to have been able to assist Upland Hills Health, Inc. reduce their overall debt service by providing access to low-cost private capital.
