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**$135M Tax-Exempt Bond Advances Newton Senior Living Expansion**
MassDevelopment has issued a $134.85 million tax-exempt bond on behalf of the nonprofit Lasell Village Inc., which will utilize the funding to renovate and expand its senior living community located on the campus of Lasell University in Newton, Massachusetts. The bond was sold through a public offering underwritten by Barclays Capital Inc.
As part of the expansion, Lasell Village will acquire 1.37 acres from Lasell University to construct a new building. The new structure will feature 42 independent living apartments, a new bistro, upgraded fitness and wellness centers, a multi-purpose room, additional common areas, and other enhanced amenities.
In addition to new construction, the bond proceeds will support renovations to the current main building and 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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