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MassDevelopment In The News
$20.1 Million MassDevelopment Bond for Seashore Point-Deaconess
June 13, 2007: New England Real Estate Journal
PROVINCETOWN, MA - MassDevelopment financed a $20.1 million package for Seashore Point-Deaconess, Inc. 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 The group will use proceeds from a tax-exempt bond issue to fund the demolition of an outdated town - owned 44 unit nursing home, and the construction of a 138,000 s/f continuing care retirement community.
This is the first project of its kind in P’town and will result in 21 new jobs.
"MassDevelopment is pleased to partner with the residents of Provincetown and Seashore-Point Deaconess to build new homes for senior Cape Codders," said Robert Culver, MassDevelopment president/CEO.
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% of the area median income.
"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," said Deaconess CEO Herb Taylor.
© Copyright 2007 New England Real Estate Journal.
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