MassDevelopment

YMCA of Greater Boston to Revitalize Branches with MassDevelopment Bond

July 13, 2015


FOR IMMEDIATE RELEASE

Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086
kabbruzzese@massdevelopment.com

Kelley Rice, YMCA of Greater Boston, 617-981-1652
krice@ymcaboston.org

MassDevelopment has issued a $10 million tax-exempt bond on behalf of the YMCA of Greater Boston, which will use bond proceeds to complete large-scale revitalizations of its Huntington Avenue and West Roxbury branches. The financing will help the organization:

  • Renovate and repair the Huntington Avenue branch at 316 Huntington Avenue, including replacing the parapet and repairing the roof
  • Renovate and expand the West Roxbury location at 1972 Centre Street, including: 
    • demolishing buildings
    • building a 38-space parking lot
    • renovating the gym
    • installing new locker rooms, HVAC, plumbing, and electrical systems
    • constructing a building to house an aquatics center, health and wellness center, and office space
  • Purchase and renovate a building at 1980 Centre Street, which the West Roxbury location currently leases 

The project is expected to create 50 jobs and support 119 construction jobs. Citizens Bank purchased the bond. 

“For more than a century, the YMCA of Greater Boston has been a leading provider of health, wellness, and civic engagement programs in the region,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is pleased to assist the YMCA as the organization continues to upgrade and modernize its proud and long-standing facilities to better serve the community.”

MassDevelopment also recently issued bonds for the YMCA of Greater Springfield, Old Colony YMCA, YMCA Southcoast, and Malden YMCA, as the Ys in Massachusetts and New England continue to strengthen and improve the well-being of families and children served in diverse communities. 

Founded in 1851 as America’s first Y, the YMCA of Greater Boston focuses on youth development, healthy living, and social responsibility. It is one of the largest urban Ys in the nation, and it continues to be the largest provider of social services in Massachusetts. Each year, the YMCA of Greater Boston serves more than 120,000 youth, adults, and seniors at its facilities. 

“Low cost tax-exempt financing made possible by MassDevelopment is an important mechanism for helping ensure that the Y provides modern, welcoming facilities and program that are affordable to all,” said James O.S. Morton, president & CEO of the YMCA of Greater Boston.  “Leveraging the Y’s resources with the help of MassDevelopment allows us to deliver our mission of youth development, healthy living and social responsibility.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.