MassDevelopment

Brooksby Village Senior Living Campus to Update Facilities with MassDevelopment Bond

March 12, 2018


FOR IMMEDIATE RELEASE

Contact:
​Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
mquackenbush@massdevelopment.com

MassDevelopment has issued a $30 million tax-exempt bond for Brooksby Village Inc., a continuing care retirement community in Peabody. Brooksby Village will use bond proceeds to finance renovations throughout the Brooksby Village campus, including replacing windows in residential units, renovating dining areas, adding a lounge area, and improving common areas and office space. BB&T Bank purchased the bond.

“Brooksby Village is a vibrant community that offers Massachusetts seniors comprehensive health care, wellness services, and amenities,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is pleased to support Brooksby Village as it updates and expands its facilities, ensuring that it will be better equipped to continue providing its residents on the North Shore with top-notch services.”

Brooksby Village Inc. was established in 1998 on 90 acres of land in Peabody and provides an assortment of care plans for seniors, including independent living, assisted living, short-term rehabilitation, and long-term care. The facility consists of 1,344 independent living units, 124 assisted living units, and 104 skilled nursing beds. Brooksby Village also offers convenience stores, a bank, a computer lab, health clubs, a chapel, and other amenities.

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.