MassDevelopment

YMCA of the North Shore to Renovate and Expand Beverly Location with MassDevelopment Bond

July 25, 2017


FOR IMMEDIATE RELEASE

Contacts:
​Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
mquackenbush@massdevelopment.com

Meegan O’Neil, YMCA of the North Shore, 978-922-0990
oneilm@northshoreymca.org

MassDevelopment has issued a $14.8 million tax-exempt bond for the YMCA of the North Shore. The YMCA will use bond proceeds to renovate and build an addition onto the Greater Beverly YMCA to increase available program space. The organization will also use proceeds to build and equip a 14,000-square-foot educational center at the Beverly location to accommodate children’s classrooms, program space, and administrative offices, and to refinance existing debt. People’s United Bank purchased the bond.

“Across the Commonwealth, YMCAs strengthen communities by promoting wellness, youth development, and civic engagement,” said MassDevelopment Executive Vice President of Finance Programs Laura Canter. “MassDevelopment is proud to assist the YMCA of the North Shore in renovating and expanding its Beverly facilities in order to better serve its clients.”

The YMCA of the North Shore was established in 1858 as the Salem YMCA and is currently comprised of seven full-service facilities. The organization provides services to over 45,000 members across 24 communities. The YMCA’s programs address youth development, healthy living, and social responsibility. The organization aims to bring community members together by connecting people of all ages and backgrounds.

“The continued support of MassDevelopment allows our YMCA to continue to grow and improve our facilities to meet the educational, wellness, and social needs of our community. Working together, our YMCA, our generous donors, and MassDevelopment are strengthening the foundations of community,” said Chris Lovasco, CEO of the YMCA of the North Shore.

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.