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Boston & New England  + Metro Boston  + Finance  | 

$135M Tax-Exempt Bond Advances Newton Senior Living Expansion

MassDevelopment has issued a $134,850,000 tax-exempt bond of behalf of nonprofit Lasell Village Inc., which will use a portion of proceeds to renovate and expand the current Lasell Village senior living community on the campus of Lasell University in Newton, MA. The bond was sold through a public offering underwritten by Barclays Capital Inc.

Specifically, Lasell Village will acquire 1.37 acres currently owned by Lasell University, where it will construct a new building containing 42 independent living apartments, a new bistro, upgraded fitness and wellness centers, a large multi-purpose room, common space and other amenities. In addition, Lasell Village plans to renovate its main building and use bond proceeds to refinance previously issued debt.

“Lassell Village provides a first-rate living experience with unique opportunities for seniors to stay connected and engaged through learning,” said MassDevelopment president and CEO Navjeet Bal. “MassDevelopment is proud to provide tax-exempt financing to help this growing community renovate, expand, and welcome additional residents.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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  • ◦Financing