MassDevelopment

Price Rehabilitation Center Acquires, Renovates Newton Building With MassDevelopment Bond

July 30, 2014


FOR IMMEDIATE RELEASE

Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
kabbruzzese@massdevelopment.com
Rebecca Lynch, 617-244-0065
rlynch@thepricecenter.org

MassDevelopment has issued a $6,973,200 tax-exempt bond on behalf of the Barry L. Price Rehabilitation Center Inc., a Newton nonprofit that provides clinical, therapeutic, and support services to individuals and families managing a wide spectrum of physical and cognitive disabilities. The Center is using bond proceeds to buy and renovate a 52,000-square-foot building in Newton that will consolidate the Center’s main offices and two other sites. Bond proceeds will also refinance previous debt. The Village Bank purchased the bond.

“The Price Center’s services help individuals with disabilities become independent and integrated members of the community,” said MassDevelopment President and CEO Marty Jones. “This tax-exempt bond will help the Center bring many services under one roof and devote more resources to its important programming.”

The Barry L. Price Rehabilitation Center was founded in 1977 to provide individual-centered services to adults with developmental disabilities in eastern Massachusetts. Today, the Center offers residential programs in Brookline and Newton; day habilitation and intensive day habilitation programs in Newton and Dedham; and employment services that feature job-readiness training, vocational assessments, and job placement opportunities in greater Boston.

“By purchasing the building on Christina Street, we are fulfilling two very important Price Center goals,” said Price Center President, Justin Sallaway. “First is to bring all of our highly regarded programs into one building. Second, we set the stage for expanded services for individuals with developmental and intellectual abilities in the area.”

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.