Briarwood Community Expands with MassDevelopment Bond
November 28, 2018
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Paul Bowler, 508-852-9001
MassDevelopment has issued a $17,590,000 tax-exempt bond on behalf of the Briarwood Community, a nonprofit continuing care retirement community located on the border between West Boylston and Worcester. Briarwood, which currently operates independent living cottages and apartments as well as assisted living apartments and a skilled nursing center, will use bond proceeds to build, furnish, and equip 24 additional independent living and 12 memory care market rate residential units. M&T Bank purchased the bond.
“At the Briarwood Community, seniors have access to the type of care and services they need to remain healthy, independent, and engaged,” said MassDevelopment President and CEO Lauren Liss. “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.”
Salem Community Corporation, which does business under the name Briarwood Community, was founded by the Salem Covenant and First Baptist churches of Worcester, opening in 1984 with 60 available housing units. The organization expanded in 1993, when it acquired a nursing home and completed building additions. The Briarwood Community has continued to evolve to meet the changing needs of seniors, and currently offers 169 independent living cottages and apartments, 24 assisted living apartments, and 82 skilled nursing and rehabilitation beds. In addition to housing services, Briarwood offers dining, transportation, cultural and recreational activities, daily living assistance, short-term rehabilitation, and long-term nursing care.
“We are sincerely grateful to MassDevelopment and M&T Bank for making this expansion possible,” said Salem Community Corporation CEO Paul F. Bowler. “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.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.