MassDevelopment Bond Helps Good Shepherd Community Care Relocate to Bigger Facility in Newton
February 25, 2020
FOR IMMEDIATE RELEASE
Louisa Stone, MassDevelopment, 617-330-2089 & 857-283-3340 (cell)
Jennifer Sax, Good Shepherd Community Care, 617-969-6130 x6235
MassDevelopment has issued a $5,120,000 tax-exempt bond on behalf of Good Shepherd Community Care, a not-for-profit health care organization providing hospice and palliative care services. The organization will use bond proceeds to buy, renovate, and equip an approximately 19,000-square-foot building at 160 Wells Avenue in Newton. Good Shepherd will relocate from its current headquarters at 90 Wells Avenue to the new, larger building, where it expects to reach more than 2,000 patients and families – doubling its capacity to serve. The Village Bank purchased the bond.
In 2013, MassDevelopment issued a $2,280,000 tax-exempt bond to help the organization buy its current headquarters building at 90 Wells Avenue. Since then, Good Shepherd has grown its workforce from approximately 90 employees to over 180 employees. The organization plans to double its workforce again over the next few years after moving to the new headquarters.
“Good Shepherd Community Care has a history of providing high-quality care, support, and educational services for patients and their families, and plays an integral role in our health care system,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is pleased to be a reliable resource for nonprofits like Good Shepherd as they evolve and expand to meet the needs of their clients.”
Founded in 1978 as Hospice of the Good Shepherd, Good Shepherd Community Care was Massachusetts’ first hospice. The organization provides skilled, compassionate, and comprehensive care to people with life-limiting illnesses living in their homes, nursing homes, or assisted living facilities. Good Shepherd helps patients live as fully, independently, and comfortably as possible, while also providing support to patients’ families.
“Good Shepherd is very grateful to MassDevelopment for the bond funding that allows us to grow and continue to meet the needs of those with serious illness in our community,” said Good Shepherd Community Care President and CEO Tim Boon. “Twice now, as we have needed to expand our headquarters, the bonds have allowed Good Shepherd to save hundreds of thousands of dollars in financing costs that we can apply directly to the support of members of our community facing some of the most challenging times in their lives.”
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.