May 2, 2018
WHEFA Bond Financing Helps The Sisters of St. Francis of Assisi Construct in St. Francis
Bonds Placed with Town Bank
The new senior living facility will enhance the quality of care for our 80 retired Sisters and, at the same time, create efficiencies because we will be able to close two other sites. WHEFA has been most helpful in providing tax-exempt financing.
– Fr. Scott Wallenfelsz, SDS,
Director of Financial Services
The Sisters of St. Francis of Assisi
Bond financing facilitated by WHEFA will be used to help The Sisters of St. Francis of Assisi finance the costs associated with the deconstruction of St. Mary’s Academy and the existing Motherhouse, along with the design, construction, and equipping of a new 80-unit replacement senior living facility to be comprised of assisted living and memory care units, as well as related kitchen, dining, therapy and common areas, as well as certain office, and administrative facilities. This federally tax-exempt financing process has enabled The Sisters of St. Francis of Assisi to operate more effectively by financing its capital expenses at a lower interest rate (initially 3.11%).
WHEFA is proud to have been able to assist The Sisters of St. Francis of Assisi to reduce their overall debt service by providing access to low-cost private capital.