$30M for Amego Student Housing
MassDevelopment Tax-Exempt Bond will Help Build 6 Residences for Students with Developmental Disabilities
March 15, 2021
FOR IMMEDIATE RELEASE
Matthew Mogavero, MassDevelopment, 857-248-0868 (cell)
Betsy Roche, Amego, Inc., 508-455-6200
Rendering of new residences at the Amego School in Franklin by William J. Masiello Architect, Inc.
MassDevelopment has issued a $30 million tax-exempt bond on behalf of Amego, Inc., a nonprofit serving individuals with autism spectrum disorders and other developmental disabilities. The organization will use bond proceeds to build and equip six new residential facilities on a 52-acre parcel at Lot 31B Washington Street in Franklin that will house 47 students ages eight through 22 who are attending the nearby Amego School. Amego, Inc. will also use bond proceeds to refinance previously issued debt. 233 Genesee Street Corporation, an affiliate of M&T Bank, purchased the bond; BT Capital Group, LLC served as financial advisor for the transaction.
“Massachusetts’ strong network of nonprofits plays an essential role in ensuring our vulnerable residents have access to housing, education, and other supportive services,” said Secretary of Housing and Economic Development Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “The Baker-Polito Administration is proud to be a partner for these organizations as they grow to better meet the needs of their clients.”
“For decades, Amego, Inc. has been a critical leader in providing programs and services to Massachusetts residents with autism and other developmental disabilities,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is proud to help the organization expand supportive housing opportunities for this community with the creation of six new student residential facilities in Franklin.”
The six new residential facilities – three single-story, ADA-accessible buildings and three two-story buildings – will range in size from 2,800-3,600 square feet. Each facility will include seven bedrooms, three or more bathrooms, office space, and medication administration space, and some will include learning centers to accommodate learning needs on weekends and holidays. The project will also include the construction of a road, parking area, green space, a play area, outbuilding, septic, water, and emergency services access.
Founded in 1971, Amego, Inc. has locations in eastern Massachusetts and Florida. The organization supports children and adults with disabilities through a range of services, including 24-hour residential support, day and educational programs, consultative services to public and private organizations, and individualized clinical supports.
“The partnership established with MassDevelopment and M&T Bank positions Amego to increase capacity for critically needed services,” said Amego, Inc. President and CEO John Randall. “Bagus Tjahjono, President of BT Capital Group, LLC, was committed to assessing Amego’s needs during this process and presenting and analyzing options. These relationships have cemented future development strategies for Amego.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2020, MassDevelopment financed or managed 341 projects generating investment of more than $2.69 billion in the Massachusetts economy. These projects are estimated to create or support 10,871 jobs and build or preserve 1,787 housing units.