Community Health Center of Snohomish County
Application Acceptance: October 9, 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: CHCSC provides medical, dental and pharmaceutical services to primarily low-income families and individuals with limited or no health insurance. CHCSC operates seven medical clinics, five dental clinics and five pharmacies located in Arlington, Edmonds, Everett and Lynnwood. In 2021, CHCSC provided 243,049 patient visits to 68,371 individuals.
Loan Size: $8,000,000
Description of Loan: Proceeds of the loan will be used to (1) fund costs of constructing, remodeling and equipping new administrative buildings located at 8609 & 8531 Evergreen Way, Everett, WA; (2) reimburse CHCSC for costs associated with the construction, remodeling, and equipping of a clinic located at 4201 Rucker Avenue, Everett, WA; and (3) pay costs of issuance.
Interest Cost Savings: It is anticipated by CHCSC that it will save approximately $1,100,000 in interest costs over traditional taxable interest rate financing. The savings associated with the tax-exempt financing will be used to increase service capacity and improve operating efficiencies. The funds saved will be redirected towards patient programs vs. the higher debt service costs of a taxable credit facility.
Purchaser: Banner Bank
Closing Date: December 16, 2022