Berkshire Retirement Home to Build Nursing Facility with $12 Million MassDevelopment Bond
September 3, 2013
MassDevelopment has issued a $12 million tax-exempt bond on behalf of Berkshire Retirement Home, Inc., which operates Berkshire Place in Pittsfield. The organization will use bond proceeds to buy land in Pittsfield, demolish existing buildings on that parcel, and build and equip a 40,000-square-foot facility that will have 54 Medicare-certified skilled nursing beds. Berkshire Place expects to create 18 jobs as a result of the project, along with 75 construction jobs according to MassDevelopment calculations. NBT Bank, Adams Community Bank, and Glens Falls National Bank purchased the bond. The bond was also enhanced by a MassDevelopment guarantee.
â€œWe're pleased to leverage this financing for Berkshire Retirement Home's new facility,â€ said MassDevelopment President and CEO Marty Jones. â€œThese skilled nursing services will expand Berkshire Place's care for seniors in the region while keeping its intimate atmosphere.
Berkshire Place, first known as the Berkshire County Home for Aged Women, was established in 1888 in accordance with the wishes of Zenas Marshall Crane of Crane & Co. in Dalton. The home adopted the name Berkshire Place in 1960. Today, Berkshire Place is licensed by the Massachusetts Department of Public Health for 44 beds and provides skilled nursing and rehabilitation, long-term care, residential care and respite care services. It has a Medicare Five Star rating and is centrally located near Pittsfield's Berkshire Museum, Colonial Theatre, and other Berkshire attractions.
â€œOur residents and staff are very excited about building a new facility to replace our existing 125-year-old home,â€ said Berkshire Place Executive Director Edward Forfa. We are pleased to find a site one-half mile from our existing location and to be able to expand our care and services for enhanced community access.
MassDevelopment, the state's finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.