$129M for Senior Housing in Newton
Tax-Exempt Bond from MassDevelopment Helps 2Life Communities Build 174-Apartment Community for Middle-Income Seniors
May 15, 2023
Matthew Mogavero, 857-248-0868
mmogavero@massdevelopment.com
Benn Grover, 2Life Communities
bgrover@2lifecommunities.org
617-912-8402
 |
| Rendering of Opus Newton, courtesy of 2Life Communities Inc. |
NEWTON, Mass. – MassDevelopment has issued a $129 million tax-exempt bond on behalf of 2Life Opus Newton LLC, an affiliate of 2Life Communities Inc., which is using proceeds to purchase four acres of land at 777 Winchester St. in Newton and build a 174-apartment senior living community for individuals aged 62 and older. Dubbed Opus Newton, the community will offer vibrant gathering spaces including a library, café, business center, game room, volunteer hub, convenience store, art room, fitness studio, and classrooms. Onsite staff will be available to coordinate home and health services based on resident needs. Construction began on March 6 and is expected to be complete mid-2025.
Opus Newton is targeted to seniors who make too much to qualify for affordable housing but are not comfortable with the high-end options available in the market area. Nine apartments fall under inclusionary zoning requirements and will be restricted to households earning up to 80% of area median income (AMI). The project will contain 62 two-bedroom apartments and 112 one-bedroom apartments.
“This new housing development will provide middle-income seniors with an opportunity to downsize and age in community at a vibrant independent living environment,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is proud to support nonprofit developers like 2Life Communities who propose innovative solutions to the Commonwealth’s housing shortage. I was thrilled to celebrate with partners at the project’s groundbreaking ceremony earlier this year and am pleased that we have now closed on this critical financing.”
“2Life Communities has invented a new housing option for middle income older residents here in the City of Newton,” said Newton Mayor Ruthanne Fuller. “Community members share their time and talents, fostering community life and lowering operating costs. Kudos to 2Life Communities and MassDevelopment for creating opportunities for much needed new middle-income housing.”
2Life Communities Inc. (2Life) is a nonprofit provider of senior supportive housing in the Greater Boston area. Founded in 1965, 2Life has developed six distinct campuses and nearly 1,300 apartments, all of which are owned and managed by the organization. Properties located in Newton include Golda Meir House and Coleman House. Properties located in Brighton include Ulin House, Leventhal House, Kurlat House, Weinberg House, and the newly redeveloped JJ Carroll community. Other properties include Shillman House in Framingham, Brown Family House in Brookline, and Shirley Meadows in Shirley.
MassDevelopment has previously supported 2Life Communities Inc. In 2021, the organization used a $4 million tax-exempt bond to build a 13,000-square-foot addition to its program center facility located at 28 Wallingford Road in Boston.
“2Life believes that every older adult deserves the opportunity to live a full life of connection and purpose in a dynamic, supportive environment,” said 2Life Communities President and CEO Amy Schectman. “Opus Newton will now offer that opportunity to the forgotten middle market. We are grateful to MassDevelopment and to all our partners for helping us bring an innovative new prototype to Newton.”
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 FY2022, MassDevelopment financed or managed 356 projects generating investment of more than $1.69 billion in the Massachusetts economy. These projects are estimated to create or support 11,080 jobs and build or preserve 1,778 housing units.
