July 16, 2020
$18,250,000
WHEFA Bond Financing Helps Morrow Memorial Home for the Aged, Inc.
Construct and Refinance in Sparta
Northland Securities as Placement Agent; Bonds Placed with River Bank
“The benefit of tax-exempt financing allowed us to have a lower interest rate for a longer tenor. In doing so we were able to add 15 large private suites to our nursing home and rebuild our 
outdated assisted living for future generations to come”.
— Dan Meyer, CEO
Morrow Memorial Home for the Aged, Inc.
The project will create approximately 3 permanent jobs with an annual payroll of $85,800. Approximately 40 construction jobs will be created as well. 25 total jobs will be retained with an annual payroll of approximately $1,040,000. Morrow Home employs approximately 150 full-time equivalents in Wisconsin.
Bond financing facilitated by WHEFA will be used to help Morrow Memorial Home for the Aged (“Morrow Home”) finance costs associated with the construction and equipping of a new two-story 36-unit residential care apartment complex and the construction of a one-story addition to the existing skilled nursing facility with 15-private rooms, the renovation, improvement and equipping of administration offices and the demolition and renovation of existing facilities. Proceeds of the bond financing were also used to refinance certain other indebtedness. This tax-exempt financing process has enabled Morrow Home to operate more effectively by financing and refinancing 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 or refinance their capital improvement and expansion needs.
