Sea Mar Community Health Centers
Application Acceptance: October 8, 2020 Please note all information provided below is as of the date of the 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: $16,281,202.80
Description of Loan: Proceeds of the loan will be used to finance: (1) the construction and remodeling costs for two facilities; (2) the acquisition costs of a third facility; and (3) refinance three loans.
Interest Cost Savings: It is anticipated by Sea-Mar that it will save approximately $2,600,538 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: December 18, 2020