MassDevelopment Provides $3 Million in Bonds to Expand Facility at Hospice of the North Shore

October 29, 2009

FOR IMMEDIATE RELEASE

Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086
Michael Istvanko, Hospice of the North Shore, 978-750-9309

MassDevelopment today announced that the agency has issued $3 million in tax-exempt bonds on behalf of Hospice of the North Shore (HNS), a Danvers organization that has grown into the largest nonprofit hospice in Massachusetts. HNS plans to use bond proceeds to build a 7,800-square-foot addition to Kaplan Family Hospice House, a 12-bed inpatient facility. The addition will create room for eight new patient suites by April 2010.

“Hospice of the North Shore has become a home for terminally ill patients who need alternative, compassionate care,” said Robert L. Culver, MassDevelopment President and CEO. “This financing ensures that the staff’s support and quality care for patients, their families and friends can extend to more people in need.”

Hospice of the North Shore was founded in 1978 and opened the Kaplan House in 2005. The hospice provides professional care and support to people affected by life-limiting illness, death and loss in 44 communities north of Boston. At the Kaplan House, hospice nurses and support staff provide 24-hour care in a home-like setting, and visiting family members can spend quality time with loved ones during their final weeks and days. This addition will help meet demand for general inpatient and residential routine care.

“Since the Kaplan House opened four years ago, the demand for the special care provided there has exceeded our expectations,” said Diane T. Stringer, Hospice of the North Shore President and CEO. “This expansion will meet a very compelling need in our community, and we are delighted to be working with MassDevelopment on this important project.” 

MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and local officials to stimulate economic growth across the Commonwealth. During FY2008, MassDevelopment financed or managed 265 projects statewide representing an investment of more than $3 billion in the Massachusetts economy. These projects are supporting the creation of 4,001 housing units and more than 10,384 jobs: 5,424 permanent and 4,960 construction-related.