|
MassDevelopment In The News
Hebrew SeniorLife Arranges $457 Million for Innovative Care Site
December 27, 2007: The Boston Globe, by Jeffrey Krasner
Hebrew SeniorLife, the Roslindale nonprofit that operates elder housing, healthcare, and research facilities, secured $457 million in funding last week, the final step in its ambitious plan to build an innovative community in Dedham that will be home to about 800 seniors.
Construction on the $485 million project - NewBridge on the Charles - began last summer and is scheduled to be completed in the fall of 2009. It will include homes for independent living, assisted living units, and beds for long- and short-term care.
In a unique arrangement, the 162-acre site will also be home to the Rashi School, a Jewish day school for kindergarten through eighth grade currently located in Newton. Hebrew SeniorLife hopes the 500-student school will become a focal point for interaction between children and seniors.
"When you're dealing with very frail elders, aside from a visit from family, there's nothing they look forward to more than seeing children," said Len Fishman, chief executive of Hebrew SeniorLife. "We're looking forward to a lot of unplanned, informal contact. It's good for both generations."
Larry Minnix, chief executive of the American Association of Homes and Services for the Aging, a trade group, said incorporating a school into a senior community could have a powerful impact on residents and children.
"Kids learn stereotypes very early," said Minnix. "What we're finding out is that these intergenerational programs provide rich experiences for older and younger people. That begins to break down ageism and stereotypes of older people."
Fishman was chief executive of the American Association of Homes and Services for the Aging before he joined Hebrew SeniorLife in 2000.
Financing for NewBridge on the Charles was arranged by MassDevelopment, the quasi-public agency that promotes growth in the state, and the Massachusetts Health and Educational Facility Authority, a funding agency.
MassDevelopment issued $379 million in bonds and the authority issued $78 million. The package includes $175 million in 40-year notes that pay 4.6 percent interest, fixed for two years, and $282 million in 40-year notes that pay 5.05 percent interest. The bonds are exempt from federal income taxes, enabling Hebrew SeniorLife to borrow money at a lower rate than regular, taxable bonds.
Bank of America purchased all the bonds, MassDevelopment said.
The deal is among the largest arranged by MassDevelopment. In recent years, the only larger offering was a $674 million bond offering in 2005 for NStar, the electric utility.
Hebrew SeniorLife started in 1903 as a Jewish old-age home in Dorchester. The nonprofit was long known as the Hebrew Rehabilitation Center for Aged. Today, much of its donations still come from Jews, but the organization cares for people of all religions.
In addition to its 700-bed living and care facility in Roslindale, the nonprofit runs senior housing facilities in Brookline, Revere, Randolph, and Canton.
It also provides day programs for seniors in Brighton and Roslindale, and houses the Institute for Aging Research, a major center for specialized learning about ailments that afflict seniors that is affiliated with Harvard Medical School.
The Dedham development represents a major shift for Hebrew SeniorLife. In 2001 Hebrew SeniorLife decided to look for new sources of revenue. At the same time, Fishman was championing the new model of continuing-care retirement communities. Unlike traditional nursing homes, which are mainly geared toward seniors who need medical assistance around the clock, the new communities provide a range of care options. Seniors can get more care as they age without having to move.
Also in 2001, the former Chick estate in Dedham became available. Hebrew SeniorLife signed a purchase and sale agreement on the property, and began a lengthy permitting process with the town of Dedham. The land purchase was completed in April 2005 for $22 million, and building permits were issued in August 2006.
© Copyright 2007 The Boston Globe.
|
|
