October 21, 2022
WHEFA Bond Financing Helps Benevolent Corporation Cedar Community Reposition in West Bend
Bonds Placed with Old National Bank
“Cedar Community appreciates having the ability to manage our debt service costs through tax-exempt financing, allowing us to repurpose existing building space to serve older adults in new ways and creating new revenue streams that will ensure the organization’s continued success.”
– Joe Pichler,
Vice President of Finance
Benevolent Corporation Cedar Community
Bond financing facilitated by WHEFA will be used to help Benevolent Corporation Cedar Community finance the repositioning of the main healthcare center building on its Cedar Lake Campus by consolidating the skilled nursing households and rehabilitation beds, creating new therapy space, adding 15 independent living loft-style apartments, and 16 additional independent living plus apartments. The project scope also includes additional dining, social, and wellbeing spaces, as well as additional administration areas, garages for residents and exterior improvements. This tax-exempt financing process has enabled the Benevolent Corporation Cedar Community to operate more effectively by financing its capital expenses at a low interest rate.
WHEFA is proud to continue its mission of assisting all eligible Wisconsin nonprofit institutions to obtain and maintain access to tax-exempt financing in order to finance their capital improvement and expansion needs.