$24,000,000 WHEFA bond financing helps Black River Memorial Hospital, Inc. construct, renovate and refinance in Black River Falls
Another Successful Private Activity Bond Financing
Bonds Placed with Associated Investments Inc.
“We are fortunate to have a partner like WHEFA to provide us a path for issuing tax-exempt financing that helps keep the cost of financing lower for charitable organizations like BRMH. Keeping financing costs lower results in keeping the cost of healthcare lower in our community, a benefit for all.”
– Matthew J. Streeter, Chief Financial Officer, Black River Memorial Hospital
The project will create approximately 16 permanent jobs with an annual payroll of $1.4 million. Approximately 40 construction jobs will be created as well. 355 total jobs will be retained with an annual payroll of over $24.3 million.
Black River Memorial Hospital, Inc. employs approximately 358 full-time equivalents in Wisconsin.
16 Full and Part-Time Jobs Created
40 Construction Jobs Created
Bond financing facilitated by WHEFA will be used to help Black River Memorial Hospital, Inc. (the “Hospital”) finance costs associated with the construction and renovation at the Hospital including an urgent care and specialty clinic, an addition to rehabilitation, surgical and physician facilities, the remodeling and renovation of several Hospital departments, as well as additional renovations and improvements. Bond proceeds were also used to refinance certain outstanding debt previously issued in 2005. This federally tax-exempt financing process has enabled the Hospital to operate more effectively by financing and refinancing its capital expenses at a low interest rate (initially 3.38%).
WHEFA is proud to continue its mission of assisting all eligible Wisconsin non-profit institutions to obtain and maintain access to tax-exempt financing in order to finance or refinance their capital improvement and expansion needs.
About WHEFA
Since inception, WHEFA has provided several hundred Wisconsin non-profit corporations access to private and public capital markets at lower costs than are available to them in the conventional marketplace. Pursuant to Section 231.10 of the Wisconsin Statutes, bonds issued by WHEFA are not considered indebtedness of the State of Wisconsin, and the State has no obligation to repay any bonds issued by WHEFA under any circumstances. Additionally, WHEFA does not utilize any State moneys to fund its operations.
For more information please visit our website or contact:
Dennis P. Reilly | Executive Director | info@whefa.com
www.whefa.com |18000 West Sarah Lane, Suite 300, Brookfield, WI 53045 | 262.792.0466
