Ascentria receives $23M to acquire Brighton care center
January 23, 2019 : Worcester Business Journal, by Grant Welker
Worcester's Ascentria Care Alliance has acquired its second Boston care center thanks to a nearly $23 million tax-exempt state bond.
Ascentria Care Alliance, a Worcester human service nonprofit, has acquired a Brighton rehabilitation and care center, Ascentria's second such facility in Boston
The acquisition of Presentation Rehabilitation and Skilled Care Center was announced Tuesday.
Presentation's services include a center for short-term rehabilitation and longer-term care. The 122-bed facility has physical, occupational and speech therapy services, social services and care by other providers, including podiatry, optometry, audiology, dentistry, geriatric psychiatry services, and hospice.
Ascentria, which has offices in five New England states, previously acquired Laurel Ridge Rehabilitation and Skilled Care Center in the Jamaica Plain section of Boston.
Angela Bovill, the president and CEO of Ascentria, said the acquisition of Presentation will enable Ascentria to expand elder services in the Boston area, where Ascentria is growing its presence. Presentation will continue to operate under the daily on-site management of Southborough-based Sheehan Health Group.
MassDevelopment, the state's economic development arm, issued a $22.8 million tax-exempt bond to Ascentria subsidiary Emanuel Development Corp. to help in the acquisition. Ascentria received MassDevelopment bonds to acquire facilities twice before.