MassDevelopment.com: Press Room: $20 Million MassDevelopment Bond Supports Provincetown Continuing Care Retirement Community

$20 Million MassDevelopment Bond Supports Provincetown Continuing Care Retirement Community
First of Its Kind Project in Provincetown Will Result in 21 New Jobs
May 8, 2007

Contacts:
Adam Bickelman, MassDevelopment, 617-330-2086
Sharon Buehrle, Seashore Point-Deaconess, 978-369-5151 x308

MassDevelopment today announced a $20.1 million financing package for Seashore Point-Deaconess, Inc. of Provincetown. A subsidiary of New England Deaconess Association, Seashore Point is a nonprofit corporation organized to provide quality housing and wellness services to area seniors. The group will use proceeds from a tax-exempt bond issue to fund the demolition of an outdated town-owned 44-unit nursing home, and the construction of a 138,000-square-foot continuing care retirement community.

"MassDevelopment is pleased to partner with the residents of Provincetown and Seashore-Point Deaconess to build new homes for senior Cape Codders," said Robert L. Culver, MassDevelopment president/CEO. "As Cape residents age, many will consider moving from their homes to be closer to healthcare services and retirement care options. This financing package supports the development of a state-of-the-art continuing care community located in one of the Commonwealth’s most picturesque towns."

Founded in 1899, New England Deaconess Association (NEDA) is one of the longest enduring not-for-profit providers of quality residential and health care services for older adults in Massachusetts. The first phase of the group’s Seashore Point development will feature 43 independent living units and 41 skilled nursing beds. Nine of the independent living units will be designated affordable and offered to individuals earning up to 80 percent of the area median income. Other NEDA communities in Massachusetts include: Rockridge at Laurel Park (Northampton), The Groves in Lincoln, Parkview on the Fells (Malden), Newbury Court Independent Living (Concord) and Rivercrest Skilled Nursing Care Community (Concord).

"This is terrific news for Cape Cod seniors," said Deaconess CEO Herb Taylor. "This complex, the first of its kind in Provincetown, will fulfill a regional need for quality senior housing. Thanks to MassDevelopment and the region’s residents and elected officials for supporting 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. Between FY2004 and FY2006, MassDevelopment financed or managed 589 projects statewide representing an investment of more than $4 billion in the Massachusetts economy. These projects are supporting the creation of 5,505 housing units and more than 23,000 jobs: 12,381 permanent and 10,679 construction-related.