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BOSTON-A $9.6-million, three-story, 24,000-sf project is the first new construction in Dudley Square in more than 40 years. The site will be the new headquarters of Central Boston Elder Services, a nonprofit organization that helps 4,000 elderly Roxbury residents with chores such as shopping and home health care services.

“This will do enormously positive things for the community,” Esther Schlorholtz, senior vice president and the community reinvestment act officer with Boston Private Bank & Trust Co., which provided the primary financing for the project, tells GlobeSt.com. “This makes the area more attractive and when it’s more attractive, it will certainly generate new business opportunities. Boston Mayor Thomas M. Menino says the building illustrates the Central Boston Elder Services commitment to the Roxbury community. ”They are making themselves part of the solution for neighborhood revitalization in the City of Boston while also providing invaluable services for our city’s elderly population, ” Menino says in a statement.

Funding for the project was provided by Boston Private Bank through the private placement purchase of a $3.4-million tax-exempt bond, issued by the Boston Industrial Development Finance Agency, a Boston Redevelopment Authority affiliate that promotes economic development Boston. MassDevelopment also provided a $579,000 mortgage insurance guarantee for the loan.

Additionally, the city has developed a $65 million plan to relocate city agencies to the Dudley Square area in the Ferdinand Building, a former furniture store that has been vacant for more than 30 years. That project is expected to bring about 1,200 jobs to the Roxbury neighborhood.

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