March 10, 2021
$50,740,000
WHEFA Bond Financing Helps Three Pillars Senior Living Communities Construct, Renovate and Refinance in Dousman
Bonds underwritten by Cain Brothers, a division of KeyBanc Capital Markets
“Three Pillars is proud to be investing significantly in the future of senior services in Wisconsin. This successful initiative is strengthened by our ability to work with WHEFA in achieving tax-exempt financing to support of our much needed mission to seniors.”
— Mark Strautman, President & CEO
Three Pillars Senior Living Communities
The project will create approx. 270 construction jobs. 41 total jobs will be retained with an annual payroll of approx. $1,232,000.
Bond financing facilitated by WHEFA will be used to help Three Pillars Senior Living Communities (“Three Pillars”) finance costs associated with the conversion and upgrading of skilled nursing rooms and renovation of the service area at the skilled nursing facility. The project also includes the expansion of the community based residential facility assisted living units. Proceeds of the bond financing were also used to refinance certain bonds previously issued by WHEFA in 2013. This tax-exempt and taxable financing process has enabled Three Pillars to operate more effectively by financing and refinancing their capital expenses at low interest rates.
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.
