MassDevelopment has issued a $25.06 million tax-exempt bond on behalf of Mary Ann Morse Healthcare Corp., which operates facilities in Natick and Framingham.
Mary Ann Morse Nursing & Rehabilitation Center, a 123-bed nursing and rehabilitation facility in Natick, will be expanded with the funds, according to a statement.
Bond proceeds will support a new two-story addition and renovations at the nursing and rehabilitation facility, which include expanding the common spaces for all residents, converting three-bedroom units to two-bedroom, upgrades to nursing offices and renovating a basement area for administrative space. The project will also add 12 rooms – six in the dementia unit and six in the rehabilitation unit – add a larger room for rehabilitative services with state-of-the-art equipment and a deck to increase resident living space. Sovereign Bank purchased the bond.
"Mary Ann Morse’s nursing center upgrades will meet the changing needs of seniors in the MetroWest [area], creating more space for family visits and privacy during rehabilitation," said MassDevelopment President and CEO Robert L. Culver. "MassDevelopment takes pride in helping organizations like Mary Ann Morse Healthcare provide options for the commonwealth’s elders."
Mary Ann Morse Healthcare Corp. also operates Heritage at Framingham, a full-service assisted living community with specialized dementia services.
In 2007, Mass Development issued bonds on behalf of Mary Ann Morse Healthcare Corp. that included $7 million for a project at Heritage at Framingham Assisted Living Facility. The project included an expansion of 12 new assisted living units, creation of a 2,000-square-foot community space to meet the needs of an increasing number of residents, and renovation to existing resident community space and support areas.
"MassDevelopment has helped us expand and renovate both of our facilities to meet the changing needs of our residents and short-term patients," said Mary Ann Morse Health Care Corp. CFO Richard J. Killigrew. "The Heritage expansion had been a great success. When we began our search for funding for our $5 million project at the nursing center, we looked to MassDevelopment again. The access to tax-exempt bonds allows us to minimize our interest expense and utilize more of our funds on resident care."
