Franklin, MA – MassDevelopment has issued a $30 million tax-exempt bond on behalf of Amego, Inc., a nonprofit serving individuals with autism spectrum disorders and other developmental disabilities.
The organization will use bond proceeds to build and equip six new residential facilities on a 52-acre parcel at Lot 31B Washington Street in Franklin that will house 47 students ages 8-22 who are attending the nearby Amego School. Amego, Inc. will also use bond proceeds to refinance previously issued debt. The 233 Genesee Street Corporation, an affiliate of M&T Bank, purchased the bond. BT Capital Group, LLC served as financial advisor for the transaction.
“Massachusetts’ strong network of nonprofits plays an essential role in ensuring our vulnerable residents have access to housing, education, and other supportive services,” said Secretary of Housing and Economic Development Mike Kennealy, who serves as chair of MassDevelopment’s board of directors.
“For decades, Amego, Inc. has been a critical leader in providing programs and services to Massachusetts residents with autism and other developmental disabilities,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is proud to help the organization expand supportive housing opportunities for this community with the creation of six new student residential facilities in Franklin.”
The six new residential facilities – three single-story, ADA-accessible buildings and three 2-story buildings – will range in size from 2,800-3,600sf. Each facility will include seven bedrooms, three or more bathrooms, office space, and medication administration space, and some will include learning centers to accommodate learning needs on weekends and holidays. The project will also include the construction of a road, parking area, green space, a play area, outbuilding, septic, water, and emergency services access.