MassDevelopment.com: Press Room: $23 Million-Plus MassDevelopment Bond Supports Brookhaven Retirement Community Expansion

$23 Million-Plus MassDevelopment Bond Supports Brookhaven Retirement Community Expansion
April 21, 2005

Contacts:
Adam Bickelman, 617-330-2086 or abickelman@massdevelopment.com
Tracy Lawrence, 617-330-2011 or tlawrence@massdevelopment.com

MassDevelopment today announced a $23,800,000 financing package for Symmes Life Care, Inc., which operates the Brookhaven at Lexington retirement community. The organization will use the tax-exempt bonds to construct 48 independent care units and 11 assisted living units, and to renovate existing facilities and refinance debt.

"The MassDevelopment team is pleased to partner again with Symmes Life Care, Inc.," said Robert L. Culver, MassDevelopment president/CEO. "These new housing units will allow Symmes to expand the number of units at Brookhaven by 25 percent. More seniors will have quality housing and the support services they need to live independently."

Constructed in 1988 using approximately $30 million in financing from MassDevelopment, Brookhaven at Lexington works to support and enhance the lives of its residents by responding to their changing needs over time, while maintaining absolute respect for individual privacy and dignity. The Brookhaven campus currently consists of 200 independent living units, nine assisted care units and 49 skilled nursing beds. The expansion will result in the creation of 18 new jobs.

"This is an exciting time for our residents and staff," said James Freehling, Brookhaven executive director. "This is our first major expansion since opening more than 15 years ago, and I'm certain these changes will make Brookhaven at Lexington an even more desirable place to live. Thanks to MassDevelopment for structuring this competitive financing package."

MassDevelopment, the state's finance and development authority, partners with businesses and local officials to stimulate growth across the Commonwealth. In fiscal year 2004, the agency arranged financing for or managed 201 projects statewide totaling more than $1.25 billion. These projects supported the creation of more than 5,500 jobs and 2,445 housing starts.