Sea Mar Community Health Centers
Application Acceptance: April 8, 2021 Please note all information provided below is as of the date of the application submission.
Obligor: Sea-Mar operates primary care medical and dental health facilities, senior housing and provides community social services in Washington. Sea-Mar is a Federally Qualified Health Center which also offers substance abuse treatment, behavioral health and a plethora of other community service programs.
Loan Size: $46,000,000
Description of Loan: Proceeds of the loan will be used to (1) refinance the WHCFA Series 2014, 2015A & 2015D Bonds, (2) refinance a loan for the purchase of land located at 7803 NE 4th Plain Blvd, Vancouver, WA, (3) reimburse Sea Mar for construction costs associated with a facility located at 7803 NE 4th Plain Blvd, Vancouver, WA, and (4) finance the construction cost for a facility located at 225 176th St. S., Spanaway, WA.
Interest Cost Savings: It is anticipated by Sea-Mar that it will save approximately $3,769,108 in interest costs over traditional taxable interest rate financing. As a not-for-profit health care service entity, all excess earnings and cost savings are used to support the provision of charitable care and for expansion of services.
Purchaser: Heritage Bank
Closing Date: To be determined