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MassDevelopment Bond Enables Human Service Provider to Expand
MassDevelopment has issued a $5,928,750 tax-exempt bond on behalf of Walnut Street Center, Inc. and its affiliate Community Alternative Residential Environments, Inc. The organizations will use bond proceeds to buy and renovate 4-6 Alfred Cir. in Bedford, MA, an approximately 17,500-square-foot building that they will operate as an adult day facility serving up to 120 individuals with intellectual disabilities, autism, and brain injury.
The tax-exempt bond, purchased by Taunton Avenue Securities Corp., an affiliate of Rockland Trust Company, helped the project sponsors achieve a lower cost of capital. Walnut Street Center expects to create 50 full-time jobs and eight part-time jobs over the next three years.
“Human service providers like Walnut Street Center represent an important sector of our economy,” said acting MassDevelopment president and CEO Dan O’Connell. “MassDevelopment is pleased to work with our banking partners to help nonprofits expand their footprint, create jobs, and serve additional clients through low-cost, tax-exempt bond financing.”
- ◦Financing
