MassDevelopment

ServiceNet Buys, Renovates Seven New Facilities in Pioneer Valley with MassDevelopment Bond

November 18, 2015


FOR IMMEDIATE RELEASE

Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
kabbruzzese@massdevelopment.com

Amy Swisher, ServiceNet, 413-387-1183 & 413-325-5058 (cell)
aswisher@servicenet.org

MassDevelopment has issued a $1,848,000 tax-exempt bond on behalf of ServiceNet, Inc., a mental health and human services organization headquartered in Northampton. ServiceNet will use bond proceeds to:

  • Buy, renovate, and furnish a 2,400-square-foot single-family residence in Agawam for a 24-hour staffed residence for four developmentally disabled individuals.
  • Buy, renovate, and furnish a 4,400-square-foot single-family residence in Chicopee for a 24-hour staffed residence for four individuals with acquired brain injuries.
  • Buy, renovate, and furnish five office condominiums totaling 8,500 square-feet in Greenfield for behavioral outpatient clinics and for related health and human services.

ServiceNet expects the projects will create 18 jobs. TD Bank purchased the bond. 

“ServiceNet provides essential mental health services to residents throughout the Pioneer Valley,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is proud to assist ServiceNet as it buys and renovates additional properties, enabling the organization to reach and assist more individuals in need.” 

Founded in 1965 as the Hampshire Association for Mental Health, ServiceNet provides a wide range of human services to people in the Pioneer Valley. The mission of ServiceNet is to enhance the quality of life for adults, children, and families, through the provision of effective and responsive clinical, residential, rehabilitative, recovery, and support services. 
 
“Thanks to the MassDevelopment bond, we are able to considerably lower the costs associated with these purchases and renovations,” said Susan Stubbs, President and CEO of ServiceNet.  “Savings on overhead means more funds available for direct support of our programs and the people we serve.” 

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.