$3.8M for YMCA & Camp Lyndon
Tax-Exempt Bond from MassDevelopment & Cape Cod 5 Helps YMCA Cape Cod Improve Camp Lyndon & Buy Equipment for West Barnstable Branch
July 7, 2022
Matthew Mogavero, 857-248-0868
Stacie Peugh, YMCA Cape Cod
|Photo of YMCA Cape Cod’s Lyndon P. Lorusso branch in West Barnstable, courtesy of the organization|
SANDWICH, Mass. – MassDevelopment has issued a $3.8 million tax-exempt bond on behalf of YMCA Cape Cod, which will use a portion of proceeds to make improvements at its summer camp in Sandwich, Camp Lyndon, and buy and install equipment at its Lyndon P. Lorusso branch in West Barnstable. Improvements to Camp Lyndon will include upgrades to the camp’s bathroom, underground utility work, and a new generator and HVAC equipment. New equipment for the organization’s Lyndon P. Lorusso branch in West Barnstable may include air handlers, cogeneration system enhancements, dehumidifiers, electronic management systems, a fire pump, pool filtration equipment, and cooling equipment. Cape Cod 5 purchased the bond, which will also be used to refinance previously issued debt including a prior tax-exempt bond from MassDevelopment.
“YMCAs strengthen communities with health and wellness programs, child care, and quality jobs for area residents,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “MassDevelopment has a proven track record of assisting YMCAs and other kinds of nonprofit organizations looking to improve facilities, buy equipment, and expand services.”
“Camp is such an important part of a kid’s life and having facilities that can make those moments special is crucial,” said MassDevelopment President and CEO Dan Rivera. “We are proud to partner with local bank Cape Cod 5 to deliver tax-exempt financing for these investments that YMCA Cape Cod is making at its Camp Lyndon and West Barnstable branch.”
“Cape Cod 5 appreciates the opportunity to collaborate with MassDevelopment to make it possible for the YMCA to invest in its facilities for the benefit of our community,” said Cape Cod 5 Co-President Bert Talerman.
MassDevelopment has previously supported YMCA Cape Cod. In November 2021, the agency provided a $350,000 loan to help YMCA Cape Cod construct a new early childhood care center in Hyannis, which expanded enrollment to 65 additional students. In 2013, the agency issued a $3.3 million tax-exempt bond to help YMCA Cape Cod buy equipment for its facilities in Sandwich and West Barnstable and refinance previously issued debt.
Founded in 1966, the YMCA Cape Cod has spent more than 50 years serving the most pressing community and social needs of various towns across Cape Cod, from delivering affordable early childhood education, to offering teen leadership and career development opportunities, to teaching more children than any other organization on the Cape how to swim.
"At the Y, facilities are our platform for program and service delivery,” said YMCA Cape Cod President and CEO Stacie Peugh. “We're grateful to MassDevelopment for their help in supporting our continued work of serving people across Cape Cod by improving our facilities through funding from our recent MassDevelopment loan. This summer over 800 children will visit Camp Lyndon. Improvements on this 75-acre property will help us continue to be a place that welcomes all. Updates to our Lyndon P. Lorusso YMCA facility will ensure that high-quality wellness programs for our members are received by all who desire them in our community."
This transaction marks the latest in a series of financial support MassDevelopment has recently provided to YMCAs across Massachusetts. In April 2022, the agency issued an $11.7 million tax-exempt bond to help West Suburban YMCA buy and renovate a second full-service branch in Newton; in February 2022, the agency issued a $6.5 million tax-exempt bond to help Berkshire Family YMCA renovate its Pittsfield facility and grow its child care program; and in May 2021, the agency issued a $10.5 million tax-exempt bond to help the YMCA of the North Shore renovate and expand 67 affordable studio apartments in downtown Beverly.
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.