Spectrum Health Systems Builds Treatment Facility With MassDevelopment Bond
January 21, 2014
FOR IMMEDIATE RELEASE
MassDevelopment has issued an $8.5 million tax-exempt bond on behalf of Spectrum Health Systems Inc., a Worcester-based nonprofit that provides substance-abuse treatment. The organization will use bond proceeds to build and equip an 80-bed, 30,000-square-foot treatment facility next to Spectrum's current site in Westborough. The new facility will respond to growing demand for new treatment programs like “dual diagnosis” services for patients with substance abuse issues and mental health disorders; gender-specific programs; and services for adolescents and young adults. Spectrum expects to create 44 jobs as a result of this project. TD Bank purchased the bond.
“Spectrum’s comprehensive programs help a wide range of patients who need specialized care,” said MassDevelopment President and CEO Marty Jones. “We’re pleased this low-interest financing will help Spectrum address demand and make strides in treating substance abuse.”
Incorporated in Massachusetts in 1969, Spectrum seeks to assist clients in achieving sobriety, sustaining recovery, and fulfilling goals so that they may lead healthier, more productive lives. The organization provides care for more than 45,000 individuals a year through more than 125 programs in Massachusetts, Rhode Island, Maine, Florida, Georgia, Iowa, Tennessee, and Washington. About 1,000 clinicians, physicians, nurses, counselors, youth workers, case managers, and other professionals make up Spectrum’s staff.
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.