MassDevelopment

Longmeadow Retirement Community Expands Wellness Space, Adds Casual Dining With MassDevelopment Bond

January 23, 2013


Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
kabbruzzese@massdevelopment.com
Linda Edwards, Glenmeadow, Inc., 413-567-3951
ledwards@glenmeadow.org

MassDevelopment has issued a $3 million bond on behalf of Glenmeadow, Inc., a nonprofit continuing care retirement community in Longmeadow. The organization will use bond proceeds to renovate its main building by updating public and office spaces; building an additional dining venue; expanding wellness activities space; and improving common areas. The project will create 20 construction jobs. People's Bank purchased the bond.

“Glenmeadow is a regional resource for Pioneer Valley seniors,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to provide access to this low-cost financing so the community can improve its hub, expanding its reach and services to those seeking care in retirement.”

Established in 1884 as The Springfield Home for Aged Women, the community began accepting men to the community in 1992 and purchased the 23-acre Longmeadow parcel in 1993. The organization's board of directors voted to change the name to Glenmeadow in 2003. The main campus at Tabor Crossing is one of six accredited continuing care communities in Massachusetts, with licensed nursing and social services staff to provide healthcare coordination, medication management, personal care, wellness programs, and response to emergency situations. The organization also provides personal care, wellness, and property maintenance services throughout the area through Glenmeadow at Home.

“We exist for one reason: to serve seniors,” said Timothy V. Cotz, Glenmeadow President and Chief Executive Officer. “These upgrades will make our services more accessible for current residents and allow us to continue to grow our services for those who live throughout Greater Springfield.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.