The MassDevelopment financing agency has taken an interest in a Needham retirement community, to the tune of $93.6 million.
“We are pleased that North Hill has the opportunity to provide superior services to the seniors in our community,” said President and CEO of North Hill Communities Kevin Burke in a statement. “This financing allows us to continue to fulfill our mission and expand our services.”
North Hill in Needham was recently issued $93,625,000 in tax-exempt bonds to make their 72-bed skilled nursing facility into an independent living facility, dining venue and a wellness center. The retirement community was set up in 1984, and sits on the Needham-Wellesley border.
“With this project, North Hill will offer expanded services, improved residences, and appealing community areas for seniors in Needham,” said MassDevelopment President and CEO Marty Jones in a press release. “We’re pleased to leverage this low-cost financing to help North Hill in this vibrant and important initiative.”
Mass Development is the state's financial and development agency, an organization that loans money with the goal of furthering economic development across the commonwealth. In 2012, they funded 280 projects for a total of over $2.3 billion, according to the press release.