Care Dimensions to Build New Facility with MassDevelopment Bond
August 24, 2016
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
Anne Williams, Care Dimensions, 978-750-9369
MassDevelopment has issued a $17.5 million tax-exempt bond on behalf of Care Dimensions, Inc., a hospice and palliative care services provider in Danvers. Care Dimensions is using bond proceeds to build, furnish and equip an 18-bed, 27,500-square-foot inpatient hospice facility on the border of Waltham and Lincoln. People’s United Bank purchased the bond.
“Care Dimensions is dedicated to providing compassionate care to patients of all ages and their families when they need it most,” said MassDevelopment President and CEO Marty Jones. “We are pleased to leverage this low-cost financing to support Care Dimensions’ expansion, which will allow the organization to extend its reach into the MetroWest region and continue serving patients’ physical, emotional, spiritual and social needs.”
Care Dimensions was founded in 1978 and is the largest provider of hospice services in the Commonwealth, caring for patients at home, in hospitals, and in skilled nursing and assisted living facilities. It provides hospice care in more than 90 Eastern Massachusetts communities to 750 patients daily who are suffering from advanced illnesses like cancer, cardiac disease, dementia, COPD and renal failure. In 2005, Care Dimensions opened the Kaplan Family Hospice House in Danvers, which consists of 20 private bedrooms for inpatient care as well as common spaces including a kitchen, library, chapel and living rooms to serve the needs of patients’ families.
“Our new Greater Boston Hospice House will provide more options for care for patients in a growing segment of our service area,” said Diane Stringer, Care Dimensions President and CEO. “In 2015, we cared for more than 1,300 patients in the MetroWest region.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.