Passages Family Support
Application Acceptance: December 8, 2022 Please note all information provided below is as of the date of the application submission with the exception of the Loan Size and Closing Date.
Obligor: Passages is a peer-operated, licensed outpatient behavioral health clinic that provides services exclusively to the Medicaid (Apple Health) population. Passages has a main clinic located at 1700 S. Assembly Rd., Spokane, WA. When fully staffed, Passages has 40 direct service staff employees who provide outpatient therapy, care coordination, recovery support services utilizing peer support, health home services, intensive residential services, substance use disorder treatment, and medication management.
Passages has two unique peer programs, Peer Bridger and Peer Pathfinder. Both programs utilize peers to successfully transition individuals out of Eastern State Hospital or incarceration. Passages served 1,577 clients from January 1, 2022 to October 31, 2022.
Loan Size: $6,834,070
Description of Loan: Proceeds of the loan will be used to refinance a taxable loan that was used to purchase Passage’s outpatient and administrative services building, which was previously leased.
Interest Cost Savings: It is anticipated by Passages that it will save approximately $341,669 in interest costs over traditional taxable interest rate financing. The savings associated with the tax-exempt financing will be used to further Passage’s mission and help fund the cost of expanding capacity to meet the behavioral health needs of Medicaid Apple Health members in the communities served.
Purchaser: Washington Trust Bank
Closing Date: March 3, 2023