MassDevelopment.com: Press Room: JRC Breaks Ground for Special Care Addition in Peabody

JRC Breaks Ground for Special Care Addition in Peabody
November 15, 2005

Contacts:
Nancy Broude, JRC Director of Development, 781-973-1590
Adam Bickelman, MassDevelopment, 617-330-2086

PEABODY, MA - Jewish Rehabilitation Center (JRC) of the North Shore CEO Stephen R. Roizen and President Seymour N. Schwartz today joined JRC Board members, Boston Private Bank & Trust Company, Danversbank and MassDevelopment officials, as well as Peabody Mayor Michael Bonfanti and residents of Woodbridge Assisted Living, to break ground for a Special Care addition in Peabody.

The three-story, 36,000 square foot addition to Woodbridge Assisted Living will serve individuals living with memory loss and will include 32 special care and 16 traditional assisted living apartments. The building will also include dining rooms, country kitchens, lounges, quiet rooms, a large common room and a therapeutic garden.

"The Special Care Assisted Living Community will serve as a model for others in the industry and will be the program of choice for families seeking care for loved ones with memory loss," said Roizen. "Because one in 10 individuals over 65 is affected by memory loss, the need for supportive housing is critical. The JRC has always been pro-active in planning for the future. This new facility will help us meet a demand in the North Shore community by providing a nurturing, safe environment."

The JRC and MassDevelopment have announced a $16 million financing package to fund the project, which will create 43 jobs when completed. "The tax-exempt financing through MassDevelopment helped save money on the total project costs and let us focus on what's most important-serving the seniors of the North Shore," says Roizen.

"We are pleased to partner with the JRC to help finance this important expansion effort," said Robert L. Culver, MassDevelopment president/CEO. "The JRC works to provide outstanding choices for Massachusetts seniors. It's also important to finance projects like these because human service providers like the JRC are good corporate neighbors who work to support the community via job creation and regional investments."

With strong roots in its Jewish heritage, the JRC, a not-for-profit organization, enhances the community through outstanding choices for seniors by providing excellence in service, promoting quality of life, supporting wellness and maximizing independence through a continuum of care. The JRC community includes long-term skilled nursing, short-term rehabilitation and the Shapiro-Rudolph Adult Day Center in Swampscott and Woodbridge Assisted Living in Peabody. More than 600 individuals and families from 30 cities and towns are served by these programs each year.

MassDevelopment, the state's finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. In fiscal year 2005, MassDevelopment financed or managed 158 projects statewide representing an investment of nearly $1.9 billion in the Massachusetts economy. These projects are supporting the creation of 2,769 housing units and more than 9,800 jobs: 4702 permanent and 5,100 in construction.

Representatives from the Jewish Rehabilitation Center of the North Shore, Boston Private Bank & Trust Company, Danversbank and MassDevelopment, along with Mayor Michael Bonfanti and residents of Woodbridge Assisted Living break ground at the Peabody site.