MANKATO, MN – AgStar Financial Services was proud to partner with Glenhaven Inc. for its groundbreaking ceremony for the replacement of their skilled nursing facility on Thursday, April 4, beside representatives from Glenhaven and AgStar, elected officials, as well as representatives from USDA and Royal Construction Company shared remarks about the impact of the project.
Glenhaven Inc. received financing commitments for $9,250,000, from AgStar and USDA Rural Development using the USDA Essential Community Facilities Guaranteed and Direct Loan programs to build a replacement 44 bed skilled nursing facility and remodel its current facility into a community based residential facility for senior assisted living.
“We have a lot of excitement building to take our skilled nursing care to the next level,” explained Glenhaven’s Administrator, Dave Prissel. “This new facility and remodel of the current facility will transform our ability to offer resident centered care which creates more autonomy for the residents, including access to increased community space for them to enjoy their activities and spend time with family and friends; the same sort of activities we all enjoy in our homes.”
This project allows the community and surrounding communities it serves to maintain the delivery of quality healthcare, which is the fastest growing rural region of Wisconsin.
“AgStar is proud to partner with Glenhaven Inc. and USDA Rural Development on this project. Expanding and updating these facilities allow staff to continue providing exceptional resident care for seniors, which is crucial for aging rural communities,” explained Bob Madsen, Associate Vice President at AgStar Financial Services. “In addition to our partnership with USDA, AgStar is working with local organizations in these communities to leverage existing, locally-based resources and skills to ensure healthcare services remain in the community.”
Construction of the replacement skilled nursing facility is expected to begin this month after the groundbreaking ceremony and be completed in approximately 12 months. Remodeling of the existing facility is expected to begin May 2014 and be completed in approximately five months. The project is expected to create 8-15 local jobs within the community of about 1,250 people when complete.
About AgStar: AgStar Financial Services, ACA, headquartered in Mankato, Minn., employs more than 600 full-time team members. The company is part of the national Farm Credit System and has a public mission to serve 69 counties in Minnesota and northwest Wisconsin. AgStar’s industry specialization, client segments and market delivery systems result in diversification nationwide. The company has expertise in the corn, soybean, swine, dairy and bio-energy industries. AgStar has developed successful programs in loans, leases, crop insurance, consulting and rural home mortgages. As a value-added financial services cooperative, AgStar allocates patronage dividends to its 14,000 stockholders. The company is also committed to giving back to rural residents, organizations and communities through AgStar’s Fund for Rural America. Visit www.AgStar.com for more information.