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MassDevelopment bond helps Newton Hospice buy new headquarters

Posted by Laura Gomez  February 15, 2013 10:40 AM

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90_94 Wells .jpg
Photo courtesy of Boston Realty Advisors.
The Hospice of the Good Shepherd has purchased 90-94 Wells Avenue in Newton for its new headquarters.

MassDevelopment has issued a $2.28 million tax-exempt bond on behalf of The Hospice of the Good Shepherd Inc., a nonprofit organization founded in 1978 as the first Hospice in Massachusetts, according to a press release.

The organization will use bond proceeds to buy a 10,000-square-foot building in Newton that will serve as its new headquarters and help create more than 10 jobs over the next three years. MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth.

“We are pleased to help The Hospice of the Good Shepherd move into its new headquarters, continuing its commitment and dedication to compassionate care for both patients and families in Newton and surrounding communities,” said MassDevelopment President and CEO Marty Jones.

Hospice of the Good Shepherd Inc. provides skilled, compassionate and comprehensive care to people with life-limiting illnesses living in their homes, nursing homes, or assisted living facilities. The Hospice enables patients to live their last phases of life as fully, independently, and comfortably as possible, while also supporting the families of patients.

“We are very grateful to MassDevelopment for facilitating the financing for this purchase,” said Hospice of the Good Shepherd CEO Tim Boon. “The lowered cost of financing achieved through this bond issue allows our hospice to meet the demands of its growth while enjoying space costs of about half the annual amount of comparable leased space.”

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