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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