July 31, 2018
$161,430,000
WHEFA Bond Financing Helps
Covenant Communities, Inc.
Bonds Underwritten by Piper Jaffray & Co.
“Covenant’s mission is to provide affordable senior housing options to the citizens of Wisconsin, and this transaction assures that these properties will remain in local control for many years to come. With the favorable tax-exempt financing rates achieved through this transaction, Wisconsin seniors will benefit by having affordable choices for living in their golden years, including options for Independent Living, Assisted Living and Memory Care.”
– Glen Choban, Board Chairman
Covenant Communities, Inc.
Approximately 300 people are employed
throughout the Communities.
Bond financing facilitated by WHEFA was used to help Covenant Communities, Inc. finance costs associated with the acquisition of nine campuses consisting of 14 senior housing properties located in Germantown, Kenosha, Milwaukee, West Allis, Fond Du Lac, Sturtevant, Sun Prairie, Waukesha, and Whitewater, Wisconsin (collectively, the “Communities”). The Communities consist of approximately 1,110 rental independent living, enhanced living, assisted living and memory care units.
WHEFA is proud to have been able to assist Covenant Communities, Inc. reduce their overall debt service by providing access to low-cost private capital.
