Ramirez Foundation helps facilitate important YMCA transaction
By understanding the respective needs of the Milwaukee YMCA and the Waukesha YMCA, Gus and Austin helped facilitate a transaction which will enable the Milwaukee YMCA to emerge from bankruptcy. The transaction consists of the Waukesha YMCA Association buying three suburban YMCAs from the Milwaukee YMCA. These facilities are the Southwest Y, West Suburban Y, and the Menomonee Falls Tri-County Y. These three Ys will join the Waukesha YMCA Association which has facilities in Waukesha and Mukwonago.
By funding $2 million of the $8 million purchase price through a donation and low interest loan, the Ramirez Family Foundation enabled the transaction to be banked with Waukesha State Bank. An excellent proposal by the Waukesha State Bank will allow the Waukesha YMCA Association to proceed with reasonable payments for interest and principal.
The Milwaukee YMCA over the past 10 years have undertaken expansions which required it to borrow a substantial amount of money from banks that it could not repay. This resulted in a declaration of bankruptcy and the need to sell or liquidate facilities. By Gus working with the Waukesha YMCA Association and Austin working with the Milwaukee YMCA, they were able to facilitate a somewhat complex transaction in a very short time. “Our ultimate goals”, according to Gus and Austin, “were to save the Milwaukee YMCA and create a Waukesha County YMCA Association which would help reestablish the three purchased Ys as strong, significant contributors to the communities they serve.”
Read more about the events that lead to the Milwaukee YMCA’s predicament and the steps that were taken to save the organization in an article published in the Milwaukee BizJournal
The Milwaukee BizJournal also outlines just how pivotal the Ramirez family was in saving the Milwaukee YMCA.