MassDevelopment Bond Helps St. Camillus Health Center Renovate Whitinsville Facility for Alzheimer’s Care
January 10, 2013
MassDevelopment has issued a $7.5 million tax-exempt bond on behalf of St. Camillus Health Center, Inc., a Whitinsville nonprofit that provides rehabilitation, nursing, and short- and long-term care services. The organization will use bond proceeds to refinance previous debt and renovate a long-term care facility into a care center for those diagnosed with dementia or Alzheimer's disease. UniBank purchased the bond.
“St. Camillus Health Center’s commitment to compassionate care puts residents at the center of its work,” said MassDevelopment President and CEO Marty Jones. “This tax-exempt financing helps the organization further its mission, expanding options for long-term care.”
Started in 1963, St. Camillus is a nationally recognized leader of “Culture Change,” a movement to change how the country perceives nursing homes and aging. Short-term services consist of intravenous therapy, wound management, and nutrition. Long-term care services include social services; counseling and support; and activities and recreation. The Order of St. Camillus, a small Roman Catholic order of priests and brothers, oversaw the organization’s board of directors until 2002, when the current board of directors took over stewardship.
“St. Camillus Health Center has provided elders in the Blackstone Valley with the best possible quality of care and quality of life for 50 years,” said St. Camillus President and Administrator William Graves. “Even with the transition in the Board of Directors in 2002, this organization's mission of providing care to the poor, sick, and elderly in our community with a sense of compassion and love, has not wavered. With the help of MassDevelopment and Unibank, that mission will continue for another 50 years.”
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.