MassDevelopment bonds $57M for Ascentria to improve two care centers

November 17, 2021 : Worcester Business Journal, by Sloane M. Perron

Worcester social services nonprofit Ascentria Care Alliance received a $57-million tax-exempt bond from MassDevelopment Finance Agency for renovations at its West Brookfield and Worcester care centers, according to a Wednesday announcement.

The renovations will focus on the 147-bed Quaboag Rehabilitation and Skilled Care Center in West Brookfield and the 150-bed Lutheran Rehabilitation and Skilled Care Center in Worcester.

The upcoming renovations will include converting three-bedroom residences into private/semi-private living quarters, creating more resident rooms, constructing additions, and relocating select services to administrative spaces, according to the release.

Ascentria Care Alliance acquired the Lutheran Rehabilitation and Skilled Care Center in July for $21.6 million. Part of the $57 million in MassDevelopment financing went toward the purchase of this center.

Ascentria Care Alliance and MassDevelopment have partnered in the past with a $22.8 million tax-exempt bond for the purchase of Presentation Rehabilitation & Skilled Care Center in Brighton, given in 2019, and another $22.8-million bond for the 2017 acquisition of Laurel Ridge Rehabilitation & Skilled Care Center in Jamaica Plain.

The Quaboag Rehabilitation and Skilled Care Center was acquired by Ascentria in 2015.

Ascentria Care Alliance is one of New England’s largest nonprofit human service organizations, with 60 locations throughout the region, per the announcement.