(Read more on the multifamily market and moreon the debt and equitymarkets.)

|

DEDHAM, MA-A multi-faceted senior living complex beingconstructed here has received the necessary funding thanks to thesale of $457 million in tax-exempt bonds. The issuance is said tobe the largest in US history to be deployed for development of anonprofit continuing care retirement community.

|

"This financing will help us bring to reality a unique newcommunity and healthcare facility that will expand our ability toserve older adults in the Boston area," says Len Fishman, presidentand CEO of Hebrew SeniorLife, the elder services organizationsponsoring NewBridge on the Charles. The facility is being built atthe 162-acre Dr. Miriam and Sheldon G. Adelson Campus in Dedham, asuburb abutting Boston.

|

When completed in autumn 2009, NewBridge will offer 256 homes inapartments, cottages and villas featuring healthcare services forseniors starting at age 62. Another 51 units will be provided atthe Jack Satter Assisted Living Center Residence and there will be40 beds in the Alfred and Gilda Slifka Memory Supported AssistedLiving Residence. As part of its mission to provide a continuum ofcare that supports seniors as they age, the complex will have 268short-term rehabilitation and long-term care beds in the GloriaAdelson Field Health Care Center, plus 350 assisted living,sub-acute and long-term care beds.

|

The lion's share of the funding is coming from MassDevelopment.The state-affiliated business support agency issued $379 million intax-exempt bonds for the housing component, while the MassachusettsHealth and Educational Facilities Authority issued the remaining$78 million to support the health facilities portion. Bank ofAmerica purchased all of the bonds, which are securitized by thatinstitution along with Allied Irish Bank, Bank of Scotland, KBCBank and Sovereign Bank.

|

Besides meeting the health care needs of the elderly, NewBridgeaims to address other issues and provide services. The complex willinclude a community center, fitness facilities, three dining areasand a convenience store, as well as art studios, classrooms and atheater. Intergenerational programming will be enhanced byconstruction of an elementary school, complementing the existingRashi Jewish Day School. The campus also has 17 miles of walkingtrails and 100 acres of open space.

|

Entering its 105th year, Hebrew SeniorLife assists more than5,000 seniors in Greater Boston on housing and health-relatedissues via adult day health assistance, post-acute short-term careand long-term care. Upon completion of NewBridge on the Charles,Hebrew SeniorLife will operate more than 1,400 units of seniorhousing and 800 healthcare beds system-wide.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.