December 12, 2018
WHEFA Bond Financing Helps
Blugold Real Estate Foundation, Inc.
Finance Student Housing in Eau Claire
Bonds Placed with BMO Harris Bank N.A.
“The 222 Water Street apartment project perfectly aligns with our mission – we are able to provide safe, secure housing close to campus in a cost-effective manner. These apartments help create such a positive living experience for our students and the financing helps us maintain reasonable cost controls.”
Kimera Way, President,
University of Wisconsin-Eau Claire Foundation
Bond financing facilitated by WHEFA was used to help Blugold Real Estate Foundation, Inc. (Blugold) permanently finance costs associated with the acquisition, construction and equipping of Aspenson Mogensen Hall, an off-campus coed student residence facility located in Eau Claire, Wisconsin, to house students of the University of Wisconsin-Eau Claire. The 113,900 square foot facility opened in the 2017/2018 school year and can accommodate up to 201 students in single and multiple bedroom suites. This federally tax-exempt financing process has enabled Blugold to operate more effectively by financing its capital expenses at a low interest rate (initially 3.29%).
WHEFA is proud to continue its mission of assisting all eligible Wisconsin non-profit institutions to obtain and maintain access to tax-exempt financing in order to finance or refinance their capital improvement and expansion needs.