South Cove Manor Builds Quincy Nursing Home with Help from MassDevelopment Bond
November 8, 2012
MassDevelopment has issued a $19 million bond on behalf of South Cove Manor Nursing and Rehabilitation Center, a skilled nursing and rehabilitation home dedicated to serving Greater Boston's Asian community. The organization will use bond proceeds to build a 141-bed nursing and rehabilitation facility in Quincy. The four-story, 86,000-square-foot facility will be divided into six residential communities with a mix of private and semi-private beds. South Cove Manor expects to add 50 full and part-time staff to their existing 150 positions as a result of this project.
â€œSouth Cove Manor's five-star rating from the federal Centers for Medicare and Medicaid show its quality in and dedication to serving Asian seniors,â€ said MassDevelopment President and CEO Marty Jones. â€œThis low-cost financing will help South Cove expand those successful services to even more residents of Greater Boston.â€
Founded in 1985 in Boston's Chinatown neighborhood, South Cove Manor will replace its smaller facility there with the Quincy property. The new center will also have parking, community space, a larger state-of-the-art rehabilitation center, six dining areas, several activity rooms, and other amenities. Over the past 19 years, South Cove Manor has averaged 99.3 percent occupancy and has received 17 perfect Massachusetts Department of Public Health annual surveys. In addition, South Cove Manor received the five-star overall ranking under the federal Five-Star Rating System in 2010.
â€œWe are grateful to MassDevelopment for their support and funding of this important community project. The new facility will enable South Cove to continue to provide the highest quality elder care services to more people in an innovative, efficient, and beautiful building,â€ commented Richard Lui, South Cove's Board Chairman.
MassDevelopment, the state's finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.