USDA agrees to back financing for Benson assisted living facility

United States Department of Agriculture financial backing for a Bremer Bank loan for Swift County-Benson Health Services to construct an assisted living and memory care facility has been approved.
Bremer Bank of Willmar has agreed to loan $7.352 million toward the $9.682 million project to build a 46-unit assisted living facility of which 18 units will be dedicated to memory care.
The Sonsteng Foundation has also stepped in to help the project with a $750,000 loan. SCBHS is also investing additional assets in the project to cover the difference between Bremer’s loan and the project cost.
One key step remains before SCBHS gets a go to start construction and that is the final numbers on the cost of building the facility. This “do not exceed” cost number will tell the governing board whether or not the financial package it has put together still can pay for the facility as proposed; that number is expected this week.
If it comes in at a price that works, SCBHS will start putting into place the construction schedule for the facility. If it comes in higher than expected, it could kill the project unless additional financial backing can be secured.
 
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