MassDevelopment has issued a $134,850,000 tax-exempt bond of behalf of nonprofit Lasell Village Inc., which will use a portion of proceeds to renovate and expand the current Lasell Village senior living community on the campus of Lasell University in Newton, MA. The bond was sold through a public offering underwritten by Barclays Capital Inc.
Specifically, Lasell Village will acquire 1.37 acres currently owned by Lasell University, where it will construct a new building containing 42 independent living apartments, a new bistro, upgraded fitness and wellness centers, a large multi-purpose room, common space and other amenities. In addition, Lasell Village plans to renovate its main building and use bond proceeds to refinance previously issued debt.
“Lassell 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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