Bond issued for more units at Briarwood retirement community in Worcester
November 28, 2018 : Telegram & Gazette, by Elaine Thompson
WORCESTER – The state has issued a $17.59 million tax-exempt bond on behalf of the Briarwood continuing care retirement community to build additional residential units.
MassDevelopment, the state’s finance and development agency, made the announcement Wednesday.
“At the Briarwood Community, seniors have access to the type of care and services they need to remain healthy, independent, and engaged, MassDevelopment President and CEO Lauren Liss said. “MassDevelopment is pleased to provide low-cost financing to help Briarwood expand its campus and make room for even more seniors who wish to join this exceptional community.”
The Briarwood Community is a nonprofit continuing care retirement community located at 65 Briarwood Circle, near the West Boylston border. It was founded by the Salem Covenant and First Baptist churches of Worcester and opened in 1984, with 60 housing units.
It expanded in 1993, acquiring a nursing home and building additions to the facility. It currently offers 169 independent living cottages and apartments, 24 assisted living apartments, and 82 skilled nursing and rehabilitation beds. Briarwood also offers tenants with dining, transportation, cultural and recreational activities, daily living assistance, short-term rehabilitation, and long-term nursing care.
Salem Community Corporation, which does business under the name Briarwood Community, will use the bond proceeds to build, furnish, and equip 24 additional living and 12 memory care market rate residential units. The bonds were purchased by Buffalo, NY-based M&T Bank.
“We are sincerely grateful to MassDevelopment and M&T Bank for making this expansion possible,” Salem Community Corporation CEO Paul F. Bowler said in a statement. “With this support, Briarwood will be able to better fulfill its mission of providing high quality coordinated housing, health, wellness and supportive services consistent with the caring spirit of our founding churches.”