Overlook Communities to Improve Charlton Campus With $18 Million MassDevelopment Bond
January 24, 2011
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077
MassDevelopment has issued an $18 million tax-exempt bond on behalf of Overlook Communities, Inc. and Overlook Masonic Health Center, Inc., which plan to use bond proceeds to refinance existing debt, as well as renovate and upgrade a 219-unit independent living facility for seniors in Charlton. The organizations are a subsidiary of Masonic Health System of Massachusetts, Inc., which has been caring for seniors since 1911. Renovations include roof and gutter replacement, resealing parking lots, and other interior upgrades. M&T Bank and TD Bank purchased the bonds.
“Overlook Communities has a storied history of providing services and independent living options to the Commonwealth's seniors,” said MassDevelopment President and CEO Robert L. Culver. “We're pleased to work with the organization again to offer access to tax-exempt financing.”
Affiliates of Masonic Health System include Overlook Communities, a 219-unit independent living community; Overlook Masonic Health Center, a 181-bed health center; Overlook Visiting Nurse Association, which provides certified home care, private duty services, and hospice and geriatric case management; Overlook Health Center Northampton, a 120-bed skilled nursing facility, and The Groves in Lincoln, a 168-unit independent living community. MassDevelopment issued more than $117 million in tax-exempt bonds on behalf of The Groves in Lincoln in December 2009.
“We appreciate MassDevelopment's continued support of MHS and its subsidiary businesses,” said David Turner, President and CEO of Masonic Health System. “This recent financing enables Overlook Communities and Overlook Masonic Health Center to fund important projects on campus that will benefit our residents, while simultaneously reducing its annual financing costs. MassDevelopment has historically been a solid advocate and business partner for MHS and we look forward to continuing our relationship going forward.”
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 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.