Boston – MassDevelopment has issued a $56,730,000 tax-exempt bond on behalf of Ascentria Care Alliance, Inc. that will use bond proceeds to buy and renovate the Lutheran Rehabilitation and Skilled Care Center in Worcester and to renovate the Quaboag Rehabilitation and Skilled Care Center in West Brookfield.
Renovations at the 150-bed Lutheran Rehabilitation and Skilled Care Center will include converting 25 three-bedroom rooms to private or semi-private rooms and building an 8,800sf addition for 11 new rooms.
Work at the 147-bed Quaboag Rehabilitation and Skilled Care Center will include converting 16 three-bedroom rooms to private or semi-private rooms, converting internal spaces to create additional resident rooms, building two small additions, and relocating select services to administrative and common spaces.
Ascentria will also use proceeds from the bonds, which were sold through a public offering underwritten by Ziegler Investment Banking, to refinance previously issued debt. MassDevelopment has previously supported Ascentria with tax-exempt financing.
