Community Health Care
Application Acceptance: October 14, 2021 Please note all information provided below is as of the date of the application submission with the exception of the Loan Size and Closing Date.
Obligor: CHC provides health care to people with or without insurance through seven clinic sites located in Pierce County. Those without insurance are treated on a sliding fee scale based on income and family size. The majority of its patients are low income, and no one is denied care due to inability to pay. In addition to medical and dental care, services also include pharmacy, urgent care, obstetrics, women’s health, pediatrics, HIV/AIDS care, vision services, residency programs and maternity support services.
Loan Size: $23,000,000 (Not-to-Exceed)
Description of Loan: Proceeds of the loan will be used to (1) finance the acquisition and renovation of a health center and parking garage located at 201 and 211 W Main Street in Puyallup, WA; (2) refinance the WHCFA Series 2016 Bond; and (3) to pay issuance costs.
Interest Cost Savings: It is anticipated by CHC that it will save approximately $1,329,900 in interest costs over traditional taxable interest rate financing over the term of the loan. As a non-profit organization, all revenue is used to further the mission of CHC. That mission is: “To provide the highest quality health care with compassionate and accessible service for all.” The savings achieved by tax-exempt financing would help fund the cost of uninsured care and could also be used to expand capacity in order to serve more patients.
Purchaser: U.S. Bank National Association
Closing Date: February 24, 2022