MassDevelopment Bond Helps South Middlesex Opportunity Council Renovate, Expand
April 4, 2019
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Jim Cuddy, South Middlesex Opportunity Council, Inc.
MassDevelopment has issued a $17,910,000 bond to the South Middlesex Opportunity Council, Inc. (SMOC), a nonprofit umbrella organization that provides integrated community-based services for 10 communities in the MetroWest region. SMOC will use bond proceeds to fund several capital projects. The organization, headquartered at 7 Bishop Street in downtown Framingham, plans to buy the Suburban Athletic Club at nearby 10-12 Roxanna Street and convert it into the South Framingham Community Center, renovate several existing SMOC properties, and refinance existing bank debt. Middlesex Savings Bank purchased the bond, which MassDevelopment also enhanced with a mortgage insurance guarantee.
“For more than 50 years, the South Middlesex Opportunity Council has been an advocate and resource for countless families and individuals in the MetroWest region,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is pleased to leverage tax-exempt bond financing to help the organization renovate and expand its footprint in downtown Framingham.”
Founded in 1965 as part of the Federal “War on Poverty,” the South Middlesex Opportunity Council, Inc. works in the community to provide opportunities for individuals to enhance self-sufficiency and create a safety net when short-term or continuing support is needed. SMOC is the leading community-based anti-poverty agency for MetroWest and Central Massachusetts. SMOC’s five major areas of programming include: behavioral health services; economic development, education, employment & workforce development services; energy & financial assistance services; family & nutrition services; and comprehensive housing services.
“MassDevelopment was wonderful to work with – they handled a challenging financing project seamlessly, allowing our organization to achieve several goals,” said South Middlesex Opportunity Council Executive Director Jim Cuddy. “We owe a debt of gratitude to the folks at MassDevelopment and their financing partner, Middlesex Savings Bank. They’ve been a tremendous financial resource for our organization.”
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.