North Hill Communities, a 65+ retirement community in Needham, will build a new independent living facility with the help of $93.6 million in tax-exempt bonds issued on their behalf by MassDevelopment, the state's finance and development agency.
The retirement community's leaders will use the money to replace its 72-bed nursing facility with a new independent living building, dining venues, and wellness center. Officials will also use the funds to renovate other independent living units, dining areas, and the facility’s entrance.
“With this project, North Hill will offer expanded services, improved residences, and appealing community areas for seniors in Needham,” said Marty Jones, MassDevelopment president and CEO, in a statement. “We’re pleased to leverage this low-cost financing to help North Hill in this vibrant and important initiative.”
Established in 1979, North Hill provides housing, health care, and hospitality services for seniors. The community originally had 341 independent living units and the nursing facility, and has also added an agency to care for residents in their homes.
“We are pleased that North Hill has the opportunity to provide superior services to the seniors in our community,” said Kevin Burke, president and CEO of North Hill Communities. “This financing allows us to continue to fulfill our mission and expand our services.”
MassDevelopment works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth, according to the organization.
During fiscal year 2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy, according to the statement. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units, the statement said.
Jaclyn Reiss can be reached at firstname.lastname@example.org