Edward M. Kennedy Community Health Center to Renovate Worcester, Framingham Locations With Help From MassDevelopment Bond
May 2, 2011
MassDevelopment has issued a $6.423 million bond on behalf of the Edward M. Kennedy Community Health Center. The Health Center will use bond proceeds to renovate and update the original health center located in Worcester, and to move the current two medical sites in Framingham into one newly renovated facility, nearly doubling capacity to provide health care services. The bond will also refinance existing debt on these two projects. TD Bank purchased the bond.
“High-efficiency, low-cost care â€“ a cause championed by our late senator â€“ is becoming increasingly critical to both the economy and healthcare delivery system,” said MassDevelopment Executive Vice President of Finance Programs Laura Canter. “The Edward M. Kennedy Community Health Center has grown to respond to this demand by offering a broad range of services, and this low-cost financing will help support this growth.”
Founded in 1972, the Edward M. Kennedy Community Health Center has grown from a small practice housed in Worcester public housing to a multi-site, full service provider of primary care, medical specialties, dental, behavioral health and social services throughout the Central and MetroWest areas of Massachusetts. The Health Center currently serves more than 22,000 patients of all ages at offices in Worcester and Framingham and a dental office in Clinton. The Edward M. Kennedy Community Health Center employs about 345 professionals and paraprofessionals, most of whom reside in the communities served by the Health Center.
“There is no question that health care delivery and prevention happen in a primary care office and how that care is delivered is ever-changing,” said Toni McGuire, President and Chief Executive Officer of the Edward M. Kennedy Community Health Center. “Creating an innovative health care home for the 21st century is critical to meet the needs of the community. This investment is truly an investment into the health of the communities we serve and proudly carries the name of our health care champion.”
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.