$11.7M for New Newton YMCA
The West Suburban YMCA Expands with Second Full-Service Branch, Using Tax-Exempt Bond from MassDevelopment & Dedham Savings to Repurpose Former Health Club in Newton
April 14, 2022
Matthew Mogavero, 857-248-0868
Greg Turner, Ball Consulting Group, LLC, 617-243-9950
|The former Boston Sports Club facility at 135 Wells Avenue, courtesy of The West Suburban YMCA|
NEWTON, Mass. – MassDevelopment has issued an $11.7 million tax-exempt bond on behalf of the West Suburban YMCA, which will use proceeds to buy, renovate, and equip the former Boston Sports Clubs facility at 135 Wells Ave., situated on an approximately six-acre parcel, to serve as a second full-service branch of the organization. Founded in 1877, the West Suburban YMCA currently has one full-service branch at 276 Church St. in Newton; opening a second branch, expected by fall 2022, will allow the organization to expand its recreational and programming opportunities and serve additional members. The organization expects to create 12 new full-time jobs and 70 new part-time jobs over the next three years. Dedham Savings purchased the bond.
“Massachusetts is fortunate to be home to a vast network of YMCAs that play a vital role in supporting positive and healthy living,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “Through financing and technical assistance, MassDevelopment is able to help nonprofits like the Y expand their footprint to better serve the needs of their community.”
“Bringing this facility back to life as a new YMCA branch will give area residents greater access to fitness amenities and recreational programs,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is proud to support the West Suburban Y’s expansion with tax-exempt financing.”
“Dedham Savings congratulates the West Suburban YMCA and MassDevelopment on completing the purchase of the new location at 135 Wells St in Newton,” said Dedham Savings Senior Vice President Jim Horrigan. “Dedham Savings is excited to work with the West Suburban YMCA on their new Wells Avenue location and look forward to working with the YMCA in servicing its community now and in the future.”
“Congratulations West Suburban YMCA and thank you to MassDevelopment,” said Newton Mayor Ruthanne Fuller. “By MassDevelopment providing tax-exempt financing to organizations, the Y is now able to open a second facility in Newton, expanding access to their terrific social, recreational and educational opportunities for residents, young and old.”
The West Suburban Y is one of the oldest YMCAs in the country and primarily serves residents of Belmont, Newton, Watertown, Wellesley, and Weston. The organization focuses on three areas: youth development, healthy living, and social responsibility. It offers include a year-round, full-day preschool; out-of-school-time care for children in kindergarten through sixth grade; instructional programs for aquatics, sports, and creative arts; and full-service exercise and swimming facilities. The organization also manages two off-site summer camps: Camp Chickami, a day camp in Wayland, and Camp Frank A. Day, a residential camp in East Brookfield.
“We are thrilled to be able to advance this project thanks to the tremendous support of MassDevelopment and the affordable financing opportunity provided through the agency along with Dedham Savings Bank,” said West Suburban YMCA President and CEO Jack Fucci. “This project will allow us to expand recreational and programming opportunities for youth and support additional members in their quest to lead healthy lives. The West Suburban Y is one of the oldest YMCAs in the country and primarily serves Newton, Wellesley, Watertown, Weston, Belmont and all surrounding communities. We look forward to holding a grand opening for our second location in Newton that will expand our mission and make the Y even more accessible to the communities we serve.”
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2021, MassDevelopment financed or managed 416 projects generating investment of more than $1.86 billion in the Massachusetts economy. These projects are estimated to create or support 6,578 jobs and build or preserve 1,909 housing units.