May Institute Buys Randolph Building Thanks to $16 Million Bond Issued by MassDevelopment
December 9, 2010
MassDevelopment has issued a $16 million tax-exempt bond on behalf of May Institute in Randolph, a nonprofit that provides educational, rehabilitative, and behavioral health services to individuals with autism spectrum disorders and other developmental disabilities, brain injury, mental illness, and behavioral health needs. The organization plans to use bond proceeds to purchase 14 Pacella Park Drive in Randolph, which it currently uses for a day habilitation program and administrative offices. Century Subsidiary Investments, Inc. purchased the bond.
“This low-cost financing will help May Institute purchase a facility that houses various operations, including its newest program for young adults with disabilities,” said MassDevelopment President and CEO Robert L. Culver. “We’re pleased to support an organization that does so much to help children, adolescents, and adults with challenges to reach their full potential.”
Founded by Dr. Jacques May and his wife, Marie Anne, on Cape Cod in 1955, May Institute has evolved into an award-winning national network that serves over 25,000 individuals and their families annually. Outside of its corporate headquarters in Randolph, the organization operates more than 200 service locations across the country. In addition to behavioral health, educational, and rehabilitative services, the Institute provides training and consultation services to professionals, organizations, and public school systems.
“This financing will enable us to further strengthen our infrastructure as we continue to expand operations to meet the needs of the communities we serve,” said Michael Milczarek, Chief Financial Officer at May Institute. “We are very grateful for the support of MassDevelopment and excited about the opportunities available to us as a result of this endeavor.”
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 241 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.