Glenmeadow secures $5M in financing for pool, wellness center, dining venue
October 13, 2023 : MassLive, Jim Kinney
LONGMEADOW — Glenmeadow Inc., a 62-and-over community, has secured $5 million in low-interest financing for its $10.5 million phase two renovations project, which will include a new indoor pool, wellness center and a restaurant.
Projects include completing the demolition of the existing natatorium building and replacement with a new structure; upgrading electric, plumbing and HVAC systems; installing rooftop solar panels; and buying equipment, fixtures, and furniture, said MassDevelopment in a news release Wednesday.
Kathy Martin, Glenmeadow president and CEO, said the renovations not only meet the needs of the 135 current residents but also future generations of prospective residents. The emphasis on health and wellness is an example of that, she said. As is the new spaces for community and gathering. The dining facilities will be upgraded to a combination pub-restaurant.
“We wanted more of a restaurant-style approach,” she said.
Demolition work began in recent weeks with construction that is expected to last 18 months and be completed before Christmas 2024.
This $5 million in financing complements an $8 million tax-exempt bond that MassDevelopment — the state’s development finance agency and land bank — issued on behalf of Glenmeadow in 2021. PeoplesBank purchased both bonds helping Glenmeadow borrow capital at a lower interest rate.
“Senior living communities like Glenmeadow benefit our cities and towns by providing older adults with the opportunity to age in community and by creating quality jobs for area residents,” said MassDevelopment President and CEO Dan Rivera. “For the past 10 years, MassDevelopment has had the pleasure of partnering with PeoplesBank in helping Glenmeadow finance improvements to ensure a healthy, modern, and more sustainable living experience for those who live, work, and visit there.”
Work began in the spring and Glenmeadow hosted a ceremonial groundbreaking June 30 on the 10.5 million project.
“Part of the mission of PeoplesBank is to support the towns where we do business, by supporting the nonprofit institutions that are important to each community,” said PeoplesBank Senior Vice President of Corporate Responsibility Matthew Bannister. “Glenmeadow has provided an invaluable service to the region for over 130 years, and the last several decades in Longmeadow have seen the leadership continue to innovate with modernization, growth and planning foresight. We commend the leadership, the residents and the supporters of Glenmeadow, and are proud to play a small role in their bright future.”
Glenmeadow began in 1884 as The Springfield Home for Aged Women. Glenmeadow began accepting men in 1992 and purchased a 23-acre parcel at 24 Tabor Crossing in Longmeadow in 1993.
Glenmeadow now has 113 independent units, 34 assisted living apartments, various common areas and 155 parking spaces, according to a news release. Glenmeadow’s Lifestyle Pass program allows residents of greater Springfield access to amenities at the facility.
The $8 million 2021 bond helped pay for repairing and upgrading the natatorium — the project later expanded to demolishing and replacing the structure in the 2023 project — repairing and replacing the roof, resurfacing roadways and parking areas, redesigning and reconstructing sidewalks and completing other general facility improvements.
In 2012, MassDevelopment issued a $3 million bond for Glenmeadow to renovate the main building by updating public and office spaces, building an additional dining venue, expanding areas for wellness activities and improving common areas.