LONGMEADOW, Mass. — MassDevelopment has issued $5 million in tax-exempt bond financing on behalf of Glenmeadow Inc., a nonprofit life plan community.
The borrower will use proceeds to complete several projects at its campus in Longmeadow, located along the Connecticut border just south of Springfield.
Projects include completing the demolition of the existing natatorium building and constructing a new building to house a natatorium and a wellness center; renovating dining venues; upgrading electric, plumbing and HVAC systems; installing rooftop solar panels; and buying equipment, fixtures and furniture.
This financing complements an $8 million tax-exempt bond MassDevelopment issued on behalf of Glenmeadow in 2021. PeoplesBank purchased both bonds, which helped Glenmeadow achieve a lower cost of capital.
Established in 1884 as The Springfield Home for Aged Women, Glenmeadow began accepting men in 1992 and purchased a 23-acre parcel in Longmeadow in 1993. Today, Glenmeadow consists of 113 independent living units, 34 assisted living apartments, various common areas, and 155 parking spaces.