MassDevelopment Bonds Help Senior Living Developer Buy, Renovate 117-Unit Facility in Pittsfield
September 2, 2020
FOR IMMEDIATE RELEASE
Louisa Stone, MassDevelopment, 857-283-3340 (cell)
Jill Bosa, Wingate Healthcare, Inc.
MassDevelopment has issued $16,880,000 in tax-exempt bonds on behalf of SRC Pittsfield RE, LLC, an affiliate of Wingate Healthcare, Inc. and Wingate Senior Living, LLC (Wingate), managers of private skilled nursing and senior housing facilities in Massachusetts, New York, and Rhode Island. Wingate will use bond proceeds to pay down a $18,095,000 taxable bond MassDevelopment issued in February 2020 to help Wingate buy, renovate, and equip the Wingate Residences at Melbourne Place, a 117-unit senior living facility in Pittsfield. Renovations will include upgrades to the building’s exterior, common areas, and individual units. In addition, Wingate will convert 24 existing units from market rate to affordable, renting to households earning no more than 50 percent of the area median income. The bonds were sold through a public offering underwritten by B.C. Ziegler & Company.
“Wingate develops and manages skilled nursing and senior housing facilities that serve our most vulnerable residents,” said MassDevelopment President and CEO Lauren Liss. “We are pleased to provide a flexible financing solution to help Wingate buy and renovate Melbourne Place in Pittsfield.”
Headquartered in Needham, Massachusetts, Wingate is a premier provider of health care and hospitality for seniors in the northeast. Wingate delivers short-term rehab, post-acute care, and long-term care in skilled nursing centers and assisted and independent living communities. With select centers offering special programs in memory and dementia care, ventilator care, pulmonary rehabilitation, and more, Wingate is dedicated to meeting the critical needs and enhancing the lives of residents and their families.
“Wingate is excited to have this opportunity to make substantial investments in a Massachusetts property that has been part of the Wingate family for several years,” said Wingate Founder and President Scott Schuster. “This financing will allow this community to continue to thrive and grow, as we provide our residents and their families with the high level of service and amenities that are the cornerstone to Wingate’s approach to resident care. We were particularly pleased to have MassDevelopment’s support on this project, and we are proud to have worked with the agency to create additional affordable housing needs for the community. We look forward to continue working with MassDevelopment on future financing opportunities.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth. During FY2019, MassDevelopment financed or managed 316 projects generating investment of more than $2 billion in the Massachusetts economy. These projects are estimated to create or support 9,743 jobs and build or preserve 1,992 housing units.