North Andover Retirement Community Expands with MassDevelopment Bond
May 10, 2017
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
Kathleen D’Amico, Edgewood Retirement Community Inc., 978-738-6401
MassDevelopment has issued a $58.7 million bond on behalf of Edgewood Retirement Community Inc., a continuing care retirement community in North Andover. Edgewood is using bond proceeds to buy 20 acres adjacent to its existing property, and to build and equip a 38,500-square-foot Small Homes memory facility, a home for people with early to early mid-stage dementia that provides support, supervision, and scheduled social activities. Edgewood will also use bond proceeds to make improvements throughout its existing campus and to refinance past debt. TD Bank purchased the bond.
“Edgewood Retirement Community’s expansion and facility upgrades will meet the changing needs of seniors in the North Andover community, and we take pride in supporting its growth,” said MassDevelopment President and CEO Marty Jones. “With this bond, Edgewood will add new jobs to the region and provide elderly residents with first-rate care and services.”
Edgewood Retirement Community Inc., a continuing care retirement community, opened in North Andover in 1997 with 147 independent living apartments and a 45-bed health care center. Edgewood offers a full continuum of care, from independent and assisted living to skilled nursing for long-term dementia and short-term rehabilitative care. Its campus has since expanded to include 241 independent living units and 59 skilled nursing beds, and a health center featuring a hospice suite and a cognitive impairment unit. Common spaces have been improved over the years to include a bistro dining room, an arts and crafts center, an art gallery, conference rooms, a fitness room, and a swimming pool.
“Our Edgewood community is thrilled to be able to refinance our outstanding debt while also adding such a wonderful program as the Small Homes to our campus,” said Jane Sullivan, Edgewood Retirement Community CFO. “The new Small Homes will not only complement Edgewood’s existing architecture, but will also greatly enhance our health care services.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.