HEBREW SENIORLIFE SECURES $457 MILLION IN BONDS FOR MAJOR FACILITIES AND SERVICES EXPANSION
Released on: February 19, 2008, 1:18 pm
Press Release Author: DeWayne Lehman
Industry: Real Estate
Press Release Summary: Largest Tax-exempt Bond Issue in U.S. History to Develop a Nonprofit Continuing Care Retirement Community Campus Will Fund NewBridge on the Charles
Press Release Body: ROSLINDALE, MASS. - February 15, 2008 - Hebrew SeniorLife announced that it has closed on the sale of $457 million in tax-exempt bonds to fund the development of NewBridge on the Charles, a state-of-the-art continuing care retirement community located on the 162-acre Dr. Miriam and Sheldon G. Adelson Campus in Dedham, Mass. The tax-exempt bond issue is the largest financing in U.S. history for the purpose of funding the development of a nonprofit continuing care retirement community campus.
NewBridge on the Charles represents a major expansion for Hebrew SeniorLife, a leading health care and housing provider for older adults in the Boston area and a Harvard Medical School teaching hospital.
"This is a substantial achievement for Hebrew SeniorLife and a critical step forward in the development of NewBridge on the Charles," said Len Fishman, president and chief executive officer of Hebrew SeniorLife. "This financing will help us bring to reality a unique new community and health care facility that will expand our ability to serve older adults in the Boston area."
Hebrew SeniorLife broke ground on NewBridge on the Charles in June, with the aim of opening the entire community by the fall of 2009. The campus, which is bounded on two sides by the Charles River, will include more than 250 residences for active, independent seniors as well as a community center, fitness facilities, three dining venues, classrooms, art studios, theater, and convenience store. The campus will also include 350 assisted living, sub-acute and long-term care beds. A K-8 school, the Rashi School, will also be located on the campus, enabling rich intergenerational programming.
MassDevelopment issued $379 million in tax-exempt bonds for the housing component of NewBridge on the Charles, and the Massachusetts Health and Educational Facilities Authority (HEFA) issued $78 million in tax-exempt bonds to fund the health facilities component of the development. Bank of America purchased all of the bonds, which are securitized by Bank of America, Sovereign Bank, Bank of Scotland, KBC Bank and Allied Irish Bank.
Hebrew SeniorLife currently operates six facilities dedicated to housing and caring for seniors, including the Hebrew Rehabilitation Center in Roslindale, which also serves as a teaching hospital for Harvard University Medical School. When NewBridge on the Charles is completed, Hebrew SeniorLife will operate more than 1,400 units of senior housing with supportive services and over 800 healthcare beds across its facilities.
About NewBridge on the Charles NewBridge on the Charles, located on the 162-acre Dr. Miriam and Sheldon G. Adelson Campus off West Street in Dedham, Mass., is being developed by Hebrew SeniorLife, an organization that has worked for the advancement and care of older adults for more than 100 years. When completed in the fall of 2009, NewBridge on the Charles will provide a continuum of state-of-the-art residences and health care services for seniors starting at age 62. For independent and active older adults, the campus includes 256 homes in cottages, villas, and apartments that are supported with senior services. NewBridge will also have 51 units in the Jack Satter Assisted Living Center Residence and 40 beds in the Alfred and Gilda Slifka Memory Supported Assisted Living Residence; 268 short-term rehabilitation and long-term care beds in the Gloria Adelson Field Health Care Center. The campus features the Rashi Jewish Day School, the amenity-rich Carl J. and Ruth Shapiro Residential and Community Centers, recreation facilities, 17 miles of walking trails, and 100 acres of preserved open space, for a vibrant and fulfilling living experience, regardless of age or ability. For more information, visit www.newbridgeonthecharles.org.
About Hebrew SeniorLife Hebrew SeniorLife, founded in 1903, provides a continuum of care to more than 5,000 seniors in the Boston area including supportive senior housing, a continuing care retirement community, adult day health, long-term care, post-acute short-term care, and out-patient clinics. The organization's Institute for Aging Research has earned worldwide recognition for its work in geriatric medicine and applied geriatric research. The largest provider-based, geriatric research facility in the country, the institute is committed to finding ways to improve the quality of life for adults as they age. The Institute\'s faculty, many of whom hold Harvard Medical School appointments, includes leading experts on a broad range of conditions that affect seniors, including, delirium and dementia, osteoporosis, falls and fainting, cardiovascular disease and quality health care standards.. Hebrew SeniorLife trains more than 1,000 caregivers in geriatric care annually and is a major site of the Harvard Medical School's Geriatric Fellowship Program. For more information, visit www.hebrewseniorlife.org.
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