Senior Living / Social Services Case Studies

Case Study: Reutlinger Center for Jewish Living

The mission of the Reutlinger Center for Jewish Living (RCJL) is to provide a world class residential option to the community’s elder citizens. The facility offers programs in assisted living, independent living, enhanced care in assisted living, rehabilitation and social services. There are four living options at RCJL. Sukkat Shalom Skilled Nursing Center provides 60 beds- both long term placement and short term rehabilitation. The Assisted Living area is home to one bedroom and studio apartments all with beautiful views of the rolling hills of Danville, Rose Gardens, and park-like grounds.

Outdoors at RCJL

Outdoors at RCJL

The Assisted Living area includes two specialized centers including the Traditions Memory Care Center, a 20 bed secure area and the Tikvah Enhanced Care Center, a 20 bed area dedicated to a heightened level of care for more frail residents. RCJL has been proud to offer a true Continuum of Care allowing friendships to be maintained and families together in one location. A Jewish Heritage Museum is located at the facility and displays more than 100 artifacts and relics of Jewish art and culture. The permanent and changing thematic exhibitions within the common areas of the Reutlinger Community, enhances and beautifies the environment for residents, families, and members of the general public.

The museum serves as an educational center of Jewish art and culture for the greater East Bay and is an institutional member of the Council of American Jewish Museums. For purposes of refinancing a tax-exempt bond and obtaining funds to acquire a separate skilled nursing facility, RCJL sought the assistance of Western Solutions to negotiate a low interest rate option for their financing venture. Western Solutions obtained TEFRA approvals from multiple counties to provide property purchase flexibility with tax-exempt funds. Western Solutions negotiated a draw structure and long term 25 year fixed rate tax-exempt loan that saved RCJL a considerable amount of money. By obtaining a tax-exempt loan compared to a letter of credit, RCJL reduced the cost issuance and annual fees throughout the life of the loan.

Case Study: Lutheran Social Services of the South, Inc.


With roots dating back to 1881, Lutheran Social Services of the South, Inc. (LSS) has served Texas and Louisiana for more than 130 years. The mission of LSS is to provide, help, healing and hope to individuals without regard to religion, ethnicity, gender, age, or income level. Today, LSS serves approximately 45,000 individuals in Texas and Louisiana annually. With the vision to change lives through innovative, quality Christian care, LSS ministries include Children’s Services, Senior Services, Help for Friends in Need, Disaster Response, and Spiritual Care.

In connection with Thrivent Financial for Lutherans, Western Solutions analyzed LSS’s project to utilize a tax-exempt bond to refinance outstanding variable rate demand bond debt. Western Solutions brought a refinance option to LSS which would save them more than $600,000 a year by cutting their outstanding interest rate in half. Western Solutions orchestrated a cost of issuance that was $250,000 less than their former cost of issuance. Included in the new loan option and refinance were additional funds to expand one of their senior living facilities. Western Solutions simplified LSS’s bond structure by refinancing six bonds into a single bond structure. Western Solutions continues to work with LSS as their bonds become callable.

Western Solutions has been a great partner and has added immense value to our organization. I highly recommend them to other non-profit organizations.
Dr. Kurt Senske, Chief Executive Officer, Lutheran Social Services of the South, Inc.


K-12 Case Studies

Case Study: Crean Lutheran High School

In 2011, Crean Lutheran High School was referred to Western Solutions Inc. to explore financing options for new construction.crean21 Unfortunately, at that time, the school was only 3 years old and not in a financial position to take on a tax-exempt issuance. Western Solutions kept in close contact with Crean as the school grew faster than any other Lutheran school in history. In 2016, only five years after Western Solutions initially began working with Crean, the school was able to obtain tax-exempt financing. Western Solutions was able to create an extremely competitive banking environment, which allowed the school to obtain a tax-exempt loan that saved the school over $7,000,000 in interest. Crean was given the option to obtain a tax-exempt draw structure that allows the school to bypass a taxable construction loan. The tax-exempt draw structure not only limits upfront costs, but reduces construction monitoring during building phases. Crean’s path to expand facilities to accommodate 1200 students is very much in the near future now that the school has a tax-exempt loan with the flexibility of a draw structure during new construction.

Case Study: Valley Christian Schools

Valley Christian Schools Quest for Excellence is a commitment to “do all things heartily, as to the Lord,” (Col. 3:23). Excellence in every valleychristian2aspect of the school is VCS’s goal. Currently serving 2740 students in grades K-12, Valley Christian Schools is one of the largest Christian School on the West Coast.

Looking to capitalize on low tax-exempt interest rates as well as make an early exit out of a swap that was previously put in place, Valley Christian hired Western Solutions Inc. to explore their financing options for their unique situation.  The significance of closing the tax-exempt loan for Valley Christian was that it needed to be closed in less than 2 months after a bank was selected. Western Solutions was able to reduce the cost of issuance of the school’s loan by three times compared to what the school previously paid, finance a portion of the unwind of the their swap, obtain an interest rate that was fixed for longer then their previous loan and eliminate their reserve fund. Additionally, Western Solutions was able to eliminate bank renewal risk for the school. Western Solutions was able to complete the school’s financing faster than the time allotted to close the loan.  With this reduced tax-exempt interest rate, Valley Christian School has reduced the amount of years they were paying on previous loans by seven years.

Case Study: Drew School

Drew School (“Drew”) is one of the oldest schools west of the Mississippi. Established in 1908, Drew has serviced San Francisco and the North Bay Area communities for 106 years. Drew is dedicated to engaging and supporting the academic talents, initiatives, and self-confidence of each of the students while encouraging them to be respectful, responsible citizens. As a small urban college preparatory school, Drew School serves 280 students in grades 9 through 12 drawing a varied student body with diverse and emerging talents. Drew graduates attend a wide range of colleges, reflecting the eclectic nature and socio-economic diversity of the student body, and the School’s mission’s that, “at Drew School each kid counts”. Typically seniors’ placements range from the most competitive-entry colleges across the country (e.g.: Dartmouth, Cornell, Barnard, Bates, UC campuses, NYU, Stanford) to the CSU campuses across the state. photo_drewschool

Before Western Solutions was hired to find Drew more cost efficient financing, the school had two fixed, publicly offered bonds at over 6% where the bonds were not callable (able to refinance) until 2018. Western Solutions worked with each bondholder, negotiating an early redemption so the school could refinance their interest rate to 2.6% fixed and 1.4% adjustable. Western Solutions arranged for Drew’s new loan documents to be multi model with a draw account and no pre payment penalty. Western Solutions donated 12% of earnings back to Drew school, making contributions to the school’s Annual Fund and Annual Auction.

San Francisco Waldorf School

The San Francisco Waldorf School (“SFWS”) is a nonprofit independent school, one of approximately 160 independently incorporated Waldorf Schools through out North America and 1,000 worldwide. Established in 1979, San Francisco Waldorf School provides education to pre kindergarten though 12th grade students servicing the San Francisco and surrounding North Bay Area communities for 36 years. SFWS is dedicated to educating students using an approach that fosters independent thought and a sense of personal responsibility. The diverse cultures and individuals represented in the school community are a source of invaluable human experience from which SFWS students and the entire community learn and grow. SFWS aims to encourage young people to bring the highest human capacities into their adult lives, as they become world citizens of the future.  San Francisco Waldorf School maintains a specialized niche among community members and parents familiar with the proud Waldorf tradition, both in the U.S. and abroad. SFWS is the largest Waldorf School in the United States. Because SFWHS is one of only 30 Waldorf high schools nationwide there is a high demand for admission from students graduating from the far larger number of Waldorf grade schools. In addition to the school’s unique high school offerings, the school’s facilities and location are a perfect backdrop for fostering a diverse student body.

To achieve the school’s vision of building a new gymnasium on the high school property, SFWS pursued tax-exempt funding to complete their project.  Western Solutions was able to provide SFWS with a number of tax-exempt banking options to not only fund the gym but also refinance debt previously incurred. By reducing the school’s interest rate to 2.39% fixed and 1.4% adjustable and eliminating a reserve fund, SFWS is saving over $570,000 a year. Western Solutions arranged for the school to utilize a draw structure for construction of the new gym, which allows the school to only pay interest on funds that have been drawn.  Completion of the new gym is set for 2017.

Case Study: Orange Lutheran High School

Orange Lutheran High School (OLHS) has been committed to providing for excellence in Christian character development, academics and competition & performance since opening its doors in 1973. OLHS has grown into one of southern California’s finest private high schools offering state and nationally recognized programs in academics, athletics and the arts. To advance its’ mission and accommodate the demand for a growing student body, OLHS embarked on a comprehensive building plan to upgrade technology school-wide, expand athletic venues and enhance structural features of the school.  OLHS teamed with Western Solutions to specifically find tax-exempt financing for new projects and to refinance.orangelutheran_photo

Western Solutions brought six tax-exempt banking opportunities to OLHS. Western Solutions advised OLHS on a tax-exempt low interest rate bond that would not only give the school money to complete new construction but also refinance existing debt to save the school over $700,000 a year. OLHS received a tax-exempt variable rate demand bond fixed with an all-in rate of 3.315%. Western Solutions assisted OLHS to obtain a bank qualified private placement bond that allowed the school to only pay interest and principal on drawn funds in conjunction with capital campaign income, giving the school 3 years after financing to spend on construction. Western Solutions educated the school’s board on the tax-exempt financing process and guided the OLHS finance team through the entire bond process. Western Solutions continues to support the mission of the school by donating to the annual Orange Lutheran Golf Classic for the last 4 years as well as donating to the school’s special programming event that invites students with disabilities to be a Lancer for a day.

Orange Lutheran management had been considering tax exempt financing for some time but was not moved to action until we were approached by Western Solutions. Western Solutions explained the process in detail, evaluated the viability of our specific situation and worked with us to develop a Bank Qualified Private Placement request for presentation to prospective banks. Western Solutions did an excellent job in expediting the process and kept all parties to the transaction informed and moving steadily forward. The result was a completed transaction that significantly improved the school’s financial position.
Emmalee Noble, Chief Financial Officer, Orange Lutheran High School


Case Study: École Bilingue de Berkeley

École Bilingue de Berkeley (EB), located in Berkeley, California is the oldest bilingual and the biggest PK-8th grade independent school in the East Bay. École Bilingue de Berkeley educates a diverse population of boys and girls, inspiring them to strive for academic excellence and to develop a high sense of personal and social responsibility. EB offers a challenging and rigorous course study in French and English, set in a multi-cultural environment.ebs

To advance the EB mission in order to meet future challenges, EB envisioned campus improvements to create a warm space and better environment for current and future students. By acquiring a nearby property to bring about a long desired upgrade of students’ outdoor play area as well as improve the outdoor facilities for the Lower and Middle schools, EB sought the assistance of Western Solutions to help obtain financing to achieve their vision as well as save on capital through the refinance of current debt.  Western Solutions brought a number of financing options to EB, allotting the school the ability to take advantage of historically low fixed tax-exempt interest rates and loan structures that work with the schools’ financing plan. By locking in a 4% tax-exempt loan fixed for 25 years, EB will save hundreds of thousands of dollars over the life of the loan. Along with offering a number of different banking options, Western Solutions assigned a working group for the transaction with fixed fees, negotiated a loan structure with draw down periods where EB does not have to pay until they draw on the funds, and guided and assisted EB through every step of the tax-exempt process. Western Solutions continues to work with EB on their draw structures and property purchase and has donated to École Bilingue de Berkeley’s Field Mithoefer Memorial Financial Aid Fund.

Many thanks for your hard work. Our school was privileged to be associated with Western Solution, and we look forward to a very successful partnership with our new bank.
Frédéric Canadas, Head of School - Chef d'établissement, Ecole Bilingue de Berkeley