MassDevelopment Bond Helps North Hill Communities Renovate, Add to Needham Continuing Care Community
August 5, 2013
MassDevelopment has issued $93,625,000 in tax-exempt bonds on behalf of North Hill Communities, a continuing care retirement community in Needham. The organization will use bond proceeds to replace its 72-bed skilled nursing facility and build an independent living building, dining venues, and wellness center, along with renovating other independent living units, dining areas, and the facility’s entrance.
“With this project, North Hill will offer expanded services, improved residences, and appealing community areas for seniors in Needham,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to leverage this low-cost financing to help North Hill in this vibrant and important initiative.”
North Hill, established in 1979, provides housing, health care, and hospitality services for seniors. The community originally had 341 independent living units and the skilled nursing facility, and has since added its own home health agency to care for residents in their homes. North Hill encourages all residents and employees to participate in its eight dimensions of wellness: environmental, physical, social, intellectual, spiritual, emotional, cultural, and occupational.
“We are pleased that North Hill has the opportunity to provide superior services to the seniors in our community,” said President and CEO of North Hill Communities Kevin Burke. “This financing allows us to continue to fulfill our mission and expand our services.”
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.