Aviv Centers for Living (Aviv), based on Boston’s North Shore, recently closed on $50 million in tax-exempt financing that will centralize its nursing and assisted living facilities onto a single campus.

Aviv is expected to save $8.5 million in interest costs over the first five years of the bonds because of the letters of credit Aviv procured from its banks, according to a statement. The bond refinances $17 million in outstanding debt on the assisted living facility.

The financing will also fund construction of a new 144-bed replacement skilled nursing facility on the Peabody campus. The new Waldfogel Health Center will consist of nine 16-bed households, each with its own dining room, living area and dedicated staff.

"Each percent less on Aviv’s cost of capital is $500,000 that we are able to spend on delivering high quality health care services," said Stephen H. Neff, Aviv president and CEO. "Aviv put together the A Team and was relentless in presenting our credit worthiness to our banks."