MassDevelopment, Massachusetts’ development finance agency and land bank, issued $134.85 million of tax-exempt bonds on behalf of Lasell Village Inc., a not-for-profit corporation that was formed to establish and operate Lasell Village, an educational CCRC. Lasell Village was the nation’s first seniors housing community to require each resident to commit to a goal-oriented program of education. Located immediately adjacent to the campus of Lasell University, it offers an intergenerational environment.
Lasell Village Inc. will use a portion of proceeds to renovate and expand the CCRC. The corporation will fund the purchase of 1.37 acres of land currently owned by Lasell University, where it will construct a new building with 42 independent living units and a range of amenities. Lasell Village Inc. additionally plans to renovate its main building, including adding seven supported living units, upgrading its skilled nursing facility to all-private rooms, and transitioning to a smaller, more sustainable skilled nursing model that is aligned with resident needs and long-term senior care trends. The corporation will also use bond proceeds to refinance previously issued debt. The bonds were sold through a public offering underwritten by Barclays Capital Inc.
