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

"This financing will help us bring to reality a unique new community and healthcare facility that will expand our ability to serve older adults in the Boston area," says Len Fishman, president and CEO of Hebrew SeniorLife, the elder services organization sponsoring NewBridge on the Charles. The facility is being built at the 162-acre Dr. Miriam and Sheldon G. Adelson Campus in Dedham, a suburb abutting Boston.

When completed in autumn 2009, NewBridge will offer 256 homes in apartments, cottages and villas featuring healthcare services for seniors starting at age 62. Another 51 units will be provided at the Jack Satter Assisted Living Center Residence and there will be 40 beds in the Alfred and Gilda Slifka Memory Supported Assisted Living Residence. As part of its mission to provide a continuum of care that supports seniors as they age, the complex will have 268 short-term rehabilitation and long-term care beds in the Gloria Adelson 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 in tax-exempt bonds for the housing component, while the Massachusetts Health and Educational Facilities Authority issued the remaining $78 million to support the health facilities portion. Bank of America purchased all of the bonds, which are securitized by that institution along with Allied Irish Bank, Bank of Scotland, KBC Bank and Sovereign Bank.

Besides meeting the health care needs of the elderly, NewBridge aims to address other issues and provide services. The complex will include a community center, fitness facilities, three dining areas and a convenience store, as well as art studios, classrooms and a theater. Intergenerational programming will be enhanced by construction of an elementary school, complementing the existing Rashi Jewish Day School. The campus also has 17 miles of walking trails and 100 acres of open space.

Entering its 105th year, Hebrew SeniorLife assists more than 5,000 seniors in Greater Boston on housing and health-related issues via adult day health assistance, post-acute short-term care and long-term care. Upon completion of NewBridge on the Charles, Hebrew SeniorLife will operate more than 1,400 units of senior housing and 800 healthcare beds system-wide.