MassDevelopment issues $30m bond for Falmouth assisted living facility

MassDevelopment, the Commonwealth’s finance and development agency, said it has issued a $30 million bond on behalf of Woodbriar Senior Living LLC, which will use bond proceeds to build a 125-unit assisted living facility in Falmouth.

Woodbriar Senior Living is a subsidiary of Ventas Inc., a real estate investment trust focused on health care properties such as senior housing communities, skilled nursing facilities, hospitals, and medical office buildings.

Plans call for Woodbriar Senior Living to donate nearly 15 acres of land to a local conservation group to create Falmouth’s first handicap-accessible park and walking trail. In addition, 25 units in the building will be rented to households earning no more than 50 percent of the area median income, MassDevelopment said.

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ASL Development Co. LLC, a subsidiary of Atria Senior Living Inc., is the developer of the project, MassDevelopment said.