CHEFA Chats – Going Beyond the Rating: Mary Wade’s Bold Step Forward
In this episode of CHEFA Chats, we explore how a trusted elder care provider in New Haven pursued an ambitious expansion to better serve Connecticut’s seniors—and how CHEFA helped make it possible through a rare below-investment-grade bond issuance. Hear how the Mary Wade Home transformed vision into reality, creating new assisted living and memory care spaces while strengthening its community impact. This story highlights how mission-driven financing can go beyond the numbers to change lives.
In 2019, the Mary Wade Home in New Haven set out to take a bold step forward. The nonprofit, known for more than 150 years of compassionate elder care, had a vision: to expand its campus, build new assisted living and memory care units, and upgrade critical infrastructure to serve more Connecticut seniors with dignity and comfort.
The scale of the project was ambitious — a 75,000-square-foot facility featuring 84 assisted living apartments, including 20 specialized for memory care. Improvements to the existing campus included a new emergency generator and a cogeneration system for heating and hot water. To make this vision a reality, Mary Wade also needed to refinance over $10 million in existing debt and fund reserve and interest costs.
That’s where CHEFA came in. Through the 2019 Series A-1 and A-2 bond issuance, CHEFA provided access to the capital needed to bring the project to life. But what made this financing truly distinctive was that it was below investment grade — a rarity at the time.
It was a decision that reflected more than financial calculation. It reflected belief — in Mary Wade’s mission, leadership, and impact on its community.
“We don’t just finance credit. We finance impact,” reflects CHEFA leadership in the episode. “This project was about creating a healthier future for Connecticut’s seniors.”
Today, the new facility stands as a testament to what mission-driven financing can achieve. The expansion not only created modern, comfortable living spaces but also strengthened Mary Wade’s capacity to care for some of the state’s most vulnerable residents.
This episode of CHEFA Chats, titled “Going Beyond the Rating: Mary Wade’s Bold Step Forward,” explores the story behind this remarkable project — one that demonstrates the power of innovation, trust, and community-focused investment.
Learn how one courageous decision helped redefine what’s possible when finance serves mission.
