Wright State Physicians refinances health center building through Greene County Port Authority, saves $3 million over 20 years

Wright State Physicians Inc. will save $3 million over 20 years through tax-exempt bonds issued by the Greene County Port Authority to refinance the Wright State Physicians Health Center building (725 University Blvd.) in Fairborn.
The Wright State Physicians Health Center, a 66,000-square-foot, three-story, state-of-the-art facility, opened in June 2012. The $12 million building is located on the campus of Wright State University. Affiliated with the Wright State University Boonshoft School of Medicine, the health center houses physicians in dermatology; family medicine; geriatric medicine; internal medicine; obstetrics and gynecology; orthopaedic surgery, sports medicine and rehabilitation; rheumatology; and Wright Care, an extended hours clinic. The facility also offers physical therapy, a pharmacy, a lab and medical imaging.
“The health center is a convenient place for students, faculty and staff of Wright State University, as well as residents of Clark, Greene and Montgomery counties to receive medical care,” said Alan Marco, M.D., M.M.M., president and CEO of Wright State Physicians. “The savings that Wright State Physicians gains will help us better serve our patients.”
Wright State Physicians worked with the Greene County Port Authority to obtain tax-exempt bond financing on the remaining debt of $10.5 million for the Wright State Physicians Health Center building. “We had originally financed the building a few years ago,” said Ken Sillaman, chief financial officer for Wright State Physicians. “By refinancing, we are able to save $150,000 per year, which is a total of $3 million over 20 years.”
Pete Williams, director of the Greene County Department of Development, said the Greene County Port Authority wanted to provide Wright State Physicians with tax-exempt bonds to help the organization gain a more favorable rate on its existing debt. “This form of conduit financing allows us to help area organizations become more efficient and effective in their mission,” Williams said. “The community benefits because a strong area service provider like Wright State Physicians is able to more efficiently operate and serve the needs of the community.”
Wright State Physicians, an academic multispecialty group, includes more than 160 physicians affiliated with the Wright State University Boonshoft School of Medicine. The group provides primary and specialty care in a wide range of specialized diagnostic and treatment services throughout the Dayton region.