March 23, 2022
$57,460,000 Series A
$30,000,000 Series B&C
WHEFA Bond Financing Helps Cedar Crest, Inc. Construct and Refinance in Janesville
Series A Bonds Underwritten by B.C. Ziegler and Company
Series B&C Bonds Placed by BMO Harris Bank N.A.
“Bond financing facilitated by WHEFA will be used by Cedar Crest to refinance existing debt and finance costs for the construction / renovation of mission-based health care and residential services. This tax-exempt financing will enable Cedar Crest to operate more effectively by financing its capital expenses at low interest rates and allowing us to utilize those savings to further our mission in the community.”
– David Tanck, President & CEO
Cedar Crest, Inc.
Rendering of the new assisted living facility
Bond financing facilitated by WHEFA will be used to help Cedar Crest construct a new 76-unit, four story replacement assisted living facility, construct a new 24-unit four-story independent living apartment building, renovate a portion of the existing assisted living units into 16 memory care assisted living units, renovate the existing skilled nursing facility to incorporate a new therapy gym and remodel common area spaces. Bond proceeds were also used to refinance certain bonds previously issued by WHEFA in 2013. This tax-exempt financing process has enabled Cedar Crest to operate more effectively by financing and refinancing its capital expenses at low interest rates.
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 or refinance their capital improvement and expansion needs.
