MassDevelopment Issues $8 Million Bond to Fund Glenmeadow Upgrades
LONGMEADOW — MassDevelopment has issued an $8 million, tax-exempt bond on behalf of Glenmeadow Inc., a nonprofit life-plan community at 24 Tabor Crossing in Longmeadow for individuals age 62 or older.
Using bond proceeds, the organization will fund improvements to the 24-year-old facility’s residential apartments and common areas, including upgrading flooring, lighting, paint, electrical, plumbing, and HVAC; replacing equipment, windows, and doors; reconfiguring interior walls to enlarge group meeting places; and redesigning unit layouts. The upgrades will also involve repairing and upgrading the natatorium, repairing and replacing the roof, resurfacing roadways and parking areas, redesigning and reconstructing sidewalks, and completing other general facility improvements. PeoplesBank purchased the bond, which will also be used to refinance previously issued debt.
“The Baker-Polito administration is committed to enhancing and expanding high-quality assisted- and independent-living options for our senior population,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s board of directors. “MassDevelopment’s reasonable financing options are perfectly suited for nonprofit continuing-care organizations who are looking to make infrastructure and facility improvements to their senior communities.”
Added MassDevelopment President and CEO Dan Rivera, “MassDevelopment is proud to continue our years-long partnership with Glenmeadow Inc. For generations, Glenmeadow has provided an engaging and supportive home for seniors in Western Massachusetts, and we are pleased to once again support the organization as it upgrades its campus to create an improved living experience for residents.”
In 2013, MassDevelopment issued a $3 million bond on behalf of Glenmeadow Inc. to help the organization renovate its main building by updating public and office spaces, building an additional dining venue, expanding areas for wellness activities, and improving common areas.
“Glenmeadow’s partnership with MassDevelopment once again is helping us transform our beautiful campus,” Glenmeadow President and CEO Anne Thomas said. “We are proud of our history of providing premier, individualized services for older adults, and these improvements will elevate our facilities and dramatically enhance the resident experience.”
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY 2020, MassDevelopment financed or managed 341 projects, generating investment of more than $2.69 billion in the Massachusetts economy. These projects are estimated to create or support 10,871 jobs and build or preserve 1,787 housing units.