The Minnesota Health and Education Facilities Authority (“Authority”) is proud to announce the successful closing of its first healthcare financing.
View allOn May 1, 2026, the Minnesota Health and Education Facilities Authority, as issuer,
completed a $120,035,000 financing for KingsPath Senior Ministries. The funds were
used to acquire seven SuiteLiving Senior Care facilities located in Brooklyn Park,
Burnsville, Crystal, Lakeville, Maple Grove, Ramsey, and West St. Paul. Through tax-
exempt financing, the 224-beds for senior living and memory care located across these
seven facilities, will now transition to nonprofit ownership and operation. These facilities
allow residents to live in familiar neighborhood settings around the metro area.
This is the Authority’s first healthcare financing following the expansion of its services to
be authorized to serve nonprofit healthcare organizations. This expansion was enacted
by the 2025 Legislature’s passing of the Health and Human Services Omnibus bill
(Special Session 1: H.F. 2/Chapter 3), signed into law by Governor Tim Walz on June
12, 2025.
The Authority was originally created by the legislature in 1971 as the Minnesota Higher
Education Facilities Authority to assist nonprofit higher education institutions finance
large capital projects such as classrooms, science labs, dormitories, or college athletic
facilities.
Effective August 1, 2025, the Authority issuance powers have been expanded to include
providing financing assistance to nonprofit healthcare institutions such as hospitals,
clinics, and nursing homes. The Authority continues its original statutory mission of
serving Minnesota-based nonprofit colleges and universities. Minnesota is now one of
fourteen states who provide similar financing authority for both nonprofit higher
education and healthcare.
The Minnesota Health and Education Facilities Authority receives no state funding. The
Authority operates solely on borrower fees, which are among the lowest in the industry.
The Authority currently manages more than $1.3 billion in assets and has a strong
track-record of efficient, client-centered service.
Nonprofit healthcare organizations interested in learning more are encouraged to visit
the Authority's website at www.mnhefa.org or by calling 651-296-4690.
About the Minnesota Health and Education Facilities Authority (MHEFA):
The Minnesota Health and Education Facilities Authority serves as a conduit bond
financing authority for the State of Minnesota. Authority Fees are substantially lower
than authorized by the Internal Revenue Service and represent a solid value for
nonprofit borrowers.
The Authority is entirely funded by fees charged to borrowers and receives no tax
revenue or any other government funding. The Authority consists of nine board
members appointed by the Governor, with advice and consent of the Minnesota Senate,
plus three additional ex-officio members. The state agency is led by an Executive
Director.
Authority debt is not backed by or supported by the State of Minnesota, and the credit
rating and debt capacity of the State are not affected by bonds issued through the
Authority. The Authority has no taxing power. The Authority has never had a bond
default in its 55-year history.
Contact: Mr. Barry Fick, Executive Director, bwf@mnhefa.org, 651-296-4690