Sea Mar Community Health Centers
Application Acceptance: August 16, 2019 amended March 13, 2020. Please note all information provided below is as of the date of the amended application submission with the exception of Loan Size & Closing Date.
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: $26,916,000
Description of Loan: Proceeds of the loan will be used to finance the renovation and remodel of several facilities and to also reimburse Sea Mar for all or a portion of the acquisition costs of several facilities.
Interest Cost Savings: It is anticipated by Sea-Mar that it will save approximately $4,260,000 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: MUFG Union Bank, N.A.
Closing Date: April 17, 2020