Coastline Elderly Services Builds New Facility in New Bedford Thanks to MassDevelopment Bond
August 6, 2020
FOR IMMEDIATE RELEASE
Louisa Stone, MassDevelopment, 857-283-3340 (cell)
Dawn O’Hara, Coastline Elderly Services, 508-742-9180
MassDevelopment has issued a $4,230,000 tax-exempt bond on behalf of Coastline Elderly Services, Inc., a New Bedford-based nonprofit providing services designed to support and maintain independent living for older adults as well as programs to assist individuals with disabilities and other disadvantages. Coastline will use bond proceeds to buy and renovate a building at 2104-2110 Acushnet Avenue, which will house offices and programs formerly located in a smaller building at 1646 Purchase Street. The organization will also use bond proceeds to buy adjacent land and a single-family home on the property, which will be demolished and converted into a parking lot and building entrance. East Boston Savings Bank purchased the bond, which MassDevelopment enhanced with a guarantee.
“Coastline plays a critical role in providing meals, medical care, and other support services to seniors and individuals with disabilities, many of whom face additional challenges accessing resources during this pandemic,” said MassDevelopment President and CEO Lauren Liss. “As the state’s finance and development agency, MassDevelopment is proud to offer tailored financing solutions that help nonprofits like Coastline carry out their missions.”
Founded in 1977, Coastline Elderly Services, Inc. develops, provides, and coordinates a wide range of home care services, assisting with laundry, grocery shopping, personal care, meals, medical transportation, day programs, respite care, and various other support services. Its eight-town planning and service area includes Acushnet, Dartmouth, Fairhaven, Gosnold, Marion, Mattapoisett, New Bedford, and Rochester.
“The new building will enhance operations at Coastline and provide our consumers with one central location to visit when they are in need of services,” said Coastline Elderly Services, Inc. CEO Justin Lees. “Coastline has long viewed itself as the experts on aging in the South Coast, and having a revitalized, welcoming main office will further our stature in the community.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth. During FY2019, MassDevelopment financed or managed 316 projects generating investment of more than $2 billion in the Massachusetts economy. These projects are estimated to create or support 9,743 jobs and build or preserve 1,992 housing units.