MassDevelopment Bond Helps Newton Hospice Buy New Headquarters
February 14, 2013
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Jennifer Sax, The Hospice of the Good Shepherd Inc., 617-969-6130
MassDevelopment has issued a $2.28 million tax-exempt bond on behalf of The Hospice of the Good Shepherd Inc., a nonprofit organization founded in 1978 as the first Hospice in Massachusetts. The organization will use bond proceeds to buy a 10,000-square-foot building in Newton that will serve as its new headquarters and help create more than 10 jobs over the next three years.
“We are pleased to help The Hospice of the Good Shepherd move into its new headquarters, continuing its commitment and dedication to compassionate care for both patients and families in Newton and surrounding communities,” said MassDevelopment President and CEO Marty Jones.
The team at Hospice of the Good Shepherd Inc. provides skilled, compassionate and comprehensive care to people with life-limiting illnesses living in their homes, nursing homes, or assisted living facilities. The Hospice enables patients to live their last phases of life as fully, independently, and comfortably as possible, while also supporting the families of patients.
“We are very grateful to MassDevelopment for facilitating the financing for this purchase,” said Hospice of the Good Shepherd CEO Tim Boon. “The lowered cost of financing achieved through this bond issue allows our hospice to meet the demands of its growth while enjoying space costs of about half the annual amount of comparable leased space.”
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.