MassDevelopment Bond Finances 125-Unit Assisted Living Facility in Falmouth
November 7, 2012
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Amy Schuster, Atria Senior Living, 502-779-7738 & 502-489-4060 (cell)
MassDevelopment has issued a $30 million bond on behalf of Woodbriar Senior Living, LLC, a subsidiary of Ventas, Inc. (NYSE: VTR), which will use bond proceeds to build a 125-unit assisted living facility in Falmouth. The building will house 35 studio apartments, 66 one-bedroom units, and 24 two-bedroom units. Woodbriar Senior Living, LLC will donate nearly 15 acres of land to a local conservation group to create Falmouth’s first handicap-accessible park and walking trail. Twenty-five units will be rented to households earning no more than 50 percent of the area median income. The project will also seek LEED certification. ASL Development Company, LLC, a subsidiary of Atria Senior Living, Inc., is the developer of the project.
“Affordable assisted living has become an important component of the Massachusetts housing market,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to support the Woodbriar project, which in a sustainable fashion will provide more housing opportunities for the Commonwealth’s seniors.”
The facility will have a wide range of amenities, including a bistro, pub, theater, computer learning center, library, and wellness center. Atria Senior Living is one of the nation’s leading providers of independent living, assisted living and memory care services, with more than 125 communities located in 27 states.
“Atria Woodbriar has been a stable and well-respected home to seniors on Cape Cod for almost fifteen years,” said Mark Alexander, Senior Vice President of Redevelopment for Atria Senior Living. “We’re looking forward to offering even more housing opportunities for Falmouth seniors, helping to meet the growing need for senior housing on the Cape, and continuing our work as a supportive partner of the larger Falmouth community.”
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.