MassDevelopment Financing Package Helps High Point Treatment Center Expand
July 23, 2014
FOR IMMEDIATE RELEASE
MassDevelopment has provided a $27 million financing package – $19 million in tax-exempt bonds and an $8 million New Markets Tax Credit allocation – to High Point Treatment Center and its affiliate, Southeast Regional Network. High Point, a nonprofit that provides comprehensive health services to individuals and families impacted by addiction, mental illness, domestic violence, and homelessness, is using bond proceeds to acquire a facility in Brockton and equip and build an addition to that building, creating 4,000 square feet for addiction therapy programs and primary care services. Southeast Regional Network is using a portion of the bond proceeds and the $8 million New Markets Tax Credit allocation to develop the former St. Luke’s Hospital in Middleborough into a 64,000-square-foot, 72-bed, state-of-the-art treatment facility for psychiatric treatment. The building will also provide primary care, addiction therapy, and outpatient services. RBS Citizens N.A. purchased the bonds, which will also refinance previous debt and refund a prior tax-exempt bond. All told, High Point and Southeast Regional Network estimate the projects in Brockton and Middleborough will create 220 new jobs and 73 construction jobs.
“High Point’s projects in Middleborough and Brockton are creating skilled healthcare jobs and transforming unused property in the Commonwealth into two new addiction and treatment facilities that will serve those in need in southeastern Massachusetts,” said MassDevelopment President and CEO Marty Jones. “We are pleased to offer this creative financing package to High Point and Southeast Regional Network to help make an impact in our Gateway Cities and beyond.”
With more than 800 beds, 1,000 staff members, and 24,000 annual admissions, High Point is one of the largest behavioral care providers in Massachusetts. The organization and its affiliates specialize in inpatient services, including psychiatric care, dual diagnosis care, and acute detoxification treatment; outpatient services including diagnostic assessments, group therapy, and individual and family counseling; residential services including short and long-term housing, and recovery process support; and family shelter services that provide emergency shelters in New Bedford, Fall River, and Taunton. High Point created Southeast Regional Network in 2002 as an affiliate to its organizations: High Point, SEMCOA, and the South Shore Women’s Resource Center. The organization provides family shelter and residential services through SRN Family Centers in New Bedford, Fall River, and Taunton and health and human services through High Point, Southeast Massachusetts Council on Addiction (SEMCOA), and South Shore Women’s Resource Centers.
“While the investment made in the High Point Treatment Center will create more than 200 new jobs, more importantly the investment will allow for more than 4,000 new admissions to residents of the Commonwealth experiencing a psychiatric crisis,” said High Point Treatment Center President and CEO Daniel S Mumbauer. “We appreciate this investment from MassDevelopment and Citizens Bank in our communities, which will improve access to critical behavioral health care.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.