Unity Care NW
Application Acceptance: March 11, 2022 Please note all information provided below is as of the date of the application submission with the exception of Loan Size & Closing Date.
Obligor: UCNW is a Federally Qualified Health Center providing medical, dental, behavioral health, pharmacy, and case management services though integrated care teams. They provide services to patients off all ages. Their mission is health care for everyone, and no one is ever denied services based upon their ability to pay. UCNW has three outpatient clinics with two clinics located in Bellingham and the third located in Ferndale, WA. They have budgeted for a staff of 300 for 2022.
Loan Size: $7,920,000
Description of Loan: Proceeds of the loan will be used to fund the acquisition of the building UCNW current leases at 1616 Cromwall Ave, Bellingham. The space is used for administration, adult dental, behavioral health, and case management services. Proceeds may also be used for issuance costs.
Interest Cost Savings: It is anticipated by UCNW that it will save approximately $181,558 in interest costs over traditional taxable interest rate financing. The anticipated savings of $181,558 over 25-years will provide care to an additional 24 low income, uninsured people annually. Purchase of the facility will also allow for future expansion of services.
Purchaser: Umpqua Bank
Closing Date: June 30, 2022