MassDevelopment Bond Helps Human Service Provider Acquire Brighton Nursing Facility
January 23, 2019
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Jodie Justofin, Ascentria Care Alliance, 774-243-3920
MassDevelopment has issued a $22.8 million tax-exempt bond on behalf of Emanuel Development Corporation, a subsidiary of Ascentria Care Alliance, Inc., a Worcester-based nonprofit organization that serves children, youth and families, older adults, persons with developmental disabilities and mental illness, and refugees, including unaccompanied refugee minors. Ascentria used the bond proceeds to acquire Presentation Rehabilitation and Skilled Nursing Center, a 122-bed skilled nursing facility in Boston’s Brighton neighborhood. Berkshire Bank purchased the bond.
“Ascentria Care Alliance serves the region’s most vulnerable residents with programs that provide support at every stage of life,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is pleased to assist Ascentria as the organization expands its reach by acquiring a new nursing home in Brighton.”
Ascentria is one of the largest human service organizations in New England with locations throughout the region. Its vision is to break the cycle of poverty and build thriving communities where everyone has the chance to achieve their full potential, regardless of background or disadvantage. Ascentria uses an innovative human-centered care model to help individuals and families move forward and thrive – physically, intellectually, socially, spiritually, and economically.
MassDevelopment previously issued bonds to help Ascentria buy nursing facilities in Boston’s Jamaica Plain neighborhood and in West Brookfield.
“This new acquisition enables us to expand our elder services and continue to grow our presence in Boston,” said Ascentria Care Alliance President and CEO Angela Bovill. “While we’re headquartered in Worcester, we have long aspired to do more in the Boston area. The needs are great in our region’s largest city, but so are the opportunities for our elder care solutions.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.