Moses Lake Community Health Center
Application Acceptance: November 8, 2018. Please note all information provided below is as of the date of the application submission with the exception of Loan Size & Closing Date.
Obligor: Moses Lake Community Health Center (MLCHC) is a nonprofit federally qualified health center, founded in 1978 and incorporated in 1991. MLCHC is the only nonprofit community and migrant health center that provides comprehensive services for the target population in rural central and north Grant County in Eastern Washington. MLCHC offers Medical, Dental, Behavioral Health, MSS and WIC Services at its Quincy and Moses Lake locations. There are also two locations in Ephrata, one that provides Dental services and the other serving WIC and MSS patients. They also offer WIC services at their Warden location.
Loan Size: $11,775,000
Description of Loan: Proceeds of the loan will be used to add an additional 18,000 sq. ft. as well as completely remodel the existing 40,000 sq. ft. of their existing Moses Lake facility. This will expand their dental capacity from 12 to 20 operatory rooms and increase their medical capacity by allowing MLCHC the space to hire an additional 6-8 medical providers and begin providing ultrasound services and optometry immediately upon completion of the remodeled space.
Interest Cost Savings: MLCHC estimates that it will save approximately $1,938,428 over the life of the loan based on current estimated taxable interest rates versus tax-exempt interest rates. The savings from this financing will be put directly into patient care and access and will allow MLCHC to finish and open the optometry space within 5 – 7 years and will also allow time for their new line of business operation and self –sustaining.
Purchaser: Washington Trust Bank
Closing Date: March 21, 2019