Lighthouse Nursing Care Center Expands With $8 Million MassDevelopment Bond
July 24, 2012
MassDevelopment has issued an $8 million tax-exempt bond on behalf of Lighthouse of Revere, Inc., which does business as Lighthouse Nursing Care Center in Revere. The organization will use bond proceeds to expand and renovate its facility, increasing the size of the residents’ rooms and adding office space. Lighthouse Nursing Care Center will also use bond proceeds to buy furniture, furnishings, and equipment, as well as refinance a previous bond.
“Lighthouse Nursing Care Center serves as a beacon for nursing homes, achieving high ratings in quality care for Commonwealth seniors,” said MassDevelopment President and CEO Marty Jones. “This low-cost financing has helped human service providers around Massachusetts, and we’re pleased to help Lighthouse as the Center expands.”
Lighthouse Nursing Care Center is a 123-bed skilled nursing facility that serves seniors in Revere and the surrounding communities. The Center provides nursing, therapy, and rehabilitative services. Last year, the Commonwealth ranked Lighthouse as one of the best Massachusetts nursing homes.
“We were pleased to have the assistance of MassDevelopment in arranging tax-exempt bond financing for new construction and refinance of existing debt,” said Gregory K. Grove, Lighthouse of Revere President. “From application to closing was just over three months, and MassDevelopment was most helpful and cooperative in our meeting the target closing date.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.