MassDevelopment has issued an $18 million tax-exempt bond on behalf of Charlton’s Overlook Communities Inc. and Overlook Masonic Health Center Inc., which plan to use bond proceeds to refinance existing debt, as well as renovate and upgrade a 219-unit independent living facility for seniors.
The organizations are a subsidiary of Masonic Health System of Massachusetts Inc., which has been caring for seniors since 1911. Renovations include roof and gutter replacement, resealing parking lots, and other interior upgrades. M&T Bank and TD Bank purchased the bonds, according to a statement.
"Overlook Communities has a storied history of providing services and independent living options to the commonwealth’s seniors," said MassDevelopment President and CEO Robert L. Culver. "We’re pleased to work with the organization again to offer access to tax-exempt financing."
Affiliates of Masonic Health System include Overlook Communities, a 219-unit independent living community; Overlook Masonic Health Center, a 181-bed health center; Overlook Visiting Nurse Association, which provides certified home care, private duty services, and hospice and geriatric case management; Overlook Health Center Northampton, a 120-bed skilled nursing facility, and The Groves in Lincoln, a 168-unit independent living community. MassDevelopment issued more than $117 million in tax-exempt bonds on behalf of The Groves in Lincoln in December 2009.
