NEWTON, Mass. — MassDevelopment has issued a $134.9 million tax-exempt bond to Lasell Village Inc. for the renovation and expansion of a senior living community located on the campus of Lasell University in Newton.
The financing will fund the purchase of 1.4 acres of land owned by Lasell University and the construction of a new building. Upon completion, the new building will feature 42 independent living apartments, a bistro, fitness and wellness centers, a multipurpose room, common space and other amenities.
Lasell Village is a charitable corporation that was formed in 1990 to establish and operate the Lasell Village educational continuing care retirement community.
In addition to the expansion, Lasell Village plans to renovate the community’s existing main building. Renovations will include the addition of seven assisted living units and updates to the skilled nursing facility.
Lasell Village will also use bond proceeds to refinance previously issued debt. The bond was sold through a public offering underwritten by Barclays Capital Inc.
MassDevelopment is the state of Massachusetts’s development finance agency and land bank.