April 11, 2018
WHEFA Bond Financing Helps Saint John’s Communities, Inc. Construct and Renovate in Milwaukee
Series A Bonds Underwritten by Piper Jaffray & Co.
and Series B Bonds Placed with BMO Harris Bank N.A.
Saint John’s on the Lake is grateful to WHEFA for providing access to lower cost capital. We appreciate the opportunity to replace our outdated care neighborhoods with innovative design and look forward to extending our services to more older adults.
– Renee Anderson, President
Saint John’s Communities, Inc.
Bond financing facilitated by WHEFA will be used to help Saint John’s Communities, Inc. finance the costs associated with the construction, renovation, remodeling and equipping of a third tower on its campus in Milwaukee, Wisconsin, consisting of 22-stories and approximately 427,000 square feet to house a 24-unit CBRF and a 50-unit skilled nursing facility health center to replace the existing health center, 16 new transitional care assisted living units, and 79 additional units of independent living. Proceeds of the bond financing will also finance the renovation, remodeling, construction and equipping of parking facilities, new assembly space and existing facilities to relocate various services and functions, as well as renovations and improvements to the windows and exterior of the existing central tower. This federally tax-exempt financing process has enabled Saint John’s Communities, Inc. to operate more effectively by financing its capital expenses at lower interest rates (4.00-5.00% and initially 2.61%).
WHEFA is proud to have been able to assist Saint John’s Communities, Inc. reduce their overall debt service by providing access to low-cost private capital.