July 31, 2019
WHEFA Bond Financing Helps Clement Manor, Inc. Construct, Renovate and Refinance in Greenfield
Bonds Underwritten by Piper Jaffray & Co.
“The financing for Clement Manor ensures we meet the changes necessary to advance our vision of a “Life Enriched Community” for all those we serve having an exceptional experience of quality and well-being.”
— Dennis Ferger, Chief Executive Officer
Clement Manor, Inc.
Bond financing facilitated by WHEFA will be used to help Clement Manor finance the acquisition, construction, renovation, remodeling and equipping of the conversion of an existing vacant wing of its health center into 22 community based residential facility memory care units as well as certain upgrades and improvements to the Clement Manor continuing care retirement community. Proceeds of the bond financing were also used to refinance bonds previously issued by WHEFA in 2013 and certain outstanding debt previously issued in 2016. This tax-exempt financing process has enabled Clement Manor to operate more effectively by financing and refinancing its capital expenses at low interest rates (3.50-5.00%).
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.