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MassDevelopment has issued a $134.85 million tax-exempt bond on behalf of nonprofit organization Lasell Village Inc. The funds will help support the renovation and expansion of the Lasell Village senior living community, located on the campus of Lasell University in Newton, Massachusetts. Barclays Capital Inc. underwrote the bond through a public offering.
As part of the expansion plan, Lasell Village will acquire 1.37 acres of land currently owned by Lasell University. A new building will be constructed on site, featuring 42 independent living apartments, a new bistro, upgraded fitness and wellness centers, a large multi-purpose room, additional common areas, and various modern amenities.
In addition to new construction, Lasell Village will renovate its main building and use a portion of the bond proceeds to refinance existing debt.
“Lasell Village provides a first-rate living experience with unique opportunities for seniors to stay connected and engaged through learning,” said MassDevelopment President and CEO Navjeet Bal. “MassDevelopment is proud to provide tax-exempt financing to help this growing community renovate, expand, and welcome additional residents.”
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