MassDevelopment Bond Helps Concord Park Assisted Living Community Upgrade, Expand
January 28, 2020
FOR IMMEDIATE RELEASE
Jessica Beliveau, MassDevelopment, 617-330-2086 & 857-283-2846 (cell)
Brian Slater, East Boston Savings Bank, 978-977-6014
Andrea Goodman, Eastern Bank, 781-598-7847
Andrew Wise, Volunteers of America of Massachusetts, 617-522-8086
MassDevelopment has issued a $30,171,289 tax-exempt bond on behalf of VOA Concord Assisted Living, Inc., an affiliate of Volunteers of America of Massachusetts, Inc., which is a nonprofit serving low-income, homeless, and vulnerable populations throughout eastern Massachusetts. Volunteers of America of Massachusetts will use bond proceeds to upgrade and expand Concord Park, a senior assisted living community the organization manages in West Concord. East Boston Savings Bank and Eastern Bank purchased the bond, which will also be used to refinance previously issued debt.
Using bond proceeds, the organization will upgrade Concord Park’s existing housing units and common area; convert six housing units into a new common area featuring a theater, fitness room, and computer/game room; and build a three-story, 11,800-square-foot addition, which will create 16 new housing units. Once construction is complete, the community will offer 91 housing units – 54 studios, 28 one-bedroom units, and nine two-bedroom units – 20% of which will be rented to households earning between 60% - 100% of area median income.
“At Concord Park, seniors have access to high-quality assisted living and a safe, supportive, and engaging community where they can thrive,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is pleased to provide tax-exempt financing to help Volunteers of America of Massachusetts renovate and expand Concord Park, and we thank East Boston Savings Bank and Eastern Bank for partnering to make this project a reality.”
“EBSB is proud to partner with VOA of Massachusetts to expand its high-quality senior community in Concord Park with the renovation and construction of new and affordable units,” said East Boston Savings Bank Senior Vice President and Group Head of the Corporate Banking Division Brian Slater. “This is our second project with VOA of Massachusetts and we look forward to continuing our partnership with them in providing high-quality affordable senior housing in Eastern Massachusetts.”
“We are proud to be a long-term partner to Volunteers of America of Massachusetts and congratulate them on the expansion of their Concord Park community,” said Eastern Bank Senior Vice President and Group Director of Community Development Lending Pamela Feingold. “The upgrade of Concord Park is another example of our work with MassDevelopment to better the lives of people in the communities we serve and help elders have a comfortable, safe place to live.”
Incorporated in 1934, Volunteers of America of Massachusetts operates three independent and assisted living facilities, including Concord Park, in addition to providing an array of behavioral health services including substance use and mental health treatment for individuals, families, and veterans and re-entry programming for incarcerated individuals. The organization serves approximately 3,000 individuals and families annually. Established in 2001, Concord Park offers assisted living and a Compass Memory Support Neighborhood affiliated with the Alzheimer’s Disease Center at Boston University for individuals suffering from memory loss.
“We’re excited to usher in a new era of modern amenities at Concord Park,” said Volunteers of America of Massachusetts President and CEO Charles Gagnon. “The construction will create upgrades and increase space, benefitting the residential experience. We have a strong project development team and are proud to partner with MassDevelopment, Eastern Bank, East Boston Savings Bank, and our general contractor South Coastal Improvement Company. High-quality independent living and personalized assisted living is part of our mission that integrates deep compassion with highly effective services across the organization.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth. During FY2019, MassDevelopment financed or managed 316 projects generating investment of more than $2 billion in the Massachusetts economy. These projects are estimated to create or support 9,743 jobs and build or preserve 1,992 housing units.