Danvers, MA – MassDevelopment has issued a $4 million tax-exempt bond on behalf of Danvers Community YMCA, which will use proceeds to renovate a portion of its facility at 34 Pickering St. in Danvers.
Renovations to the building, which was built in 1950, will include enhancing its child care facility; updating plumbing, sprinkler systems, and HVAC infrastructure; adding an elevator to allow easier access to the facility’s cardio center; meeting overall ADA compliance; and relocating locker rooms. Men’s and women’s locker rooms will be relocated to the first level to improve accessibility for seniors and members with disabilities, while the youth locker rooms will be replaced with a family changing room. Salem Five Bank purchased the bond, which helped Danvers Community YMCA achieve a lower cost of capital.
“Nonprofit organizations serve an important role in our state’s economy and provide critical services that drive economic development, forge healthy communities, and help residents thrive,” said Secretary of Economic Development Yvonne Hao, who serves as chair of MassDevelopment’s board of directors. “We are pleased this MassDevelopment financing will help the Danvers Community YMCA make updates to its facilities that will allow the organization to meet the needs of residents for years to come.”
Established in 1950, the Danvers Community YMCA focuses on helping individuals, families, and communities in Danvers, Boxford, Middleton, Topsfield, and the surrounding area learn, grow, and thrive. The Danvers Community YMCA is unique in the area of youth development due to its ability to serve more than 300-500 children per day in its preschool and after-school programs, swim lessons, summer camps, and other youth programs.
“The upcoming renovation will allow our YMCA to better serve and support the Danvers and Tri-Town communities,” said Danvers Community YMCA president and CEO, John Somes. “These improvements will allow us to make our building more accessible to our senior members, provide additional wellness programs for all and grow our childcare to meet the demands for quality preschool, after-school, and summer camp programs. We are thankful for the support MassDevelopment has provided and making this project become a reality.”
