Boston – MassDevelopment has partnered with Eastern Bank to provide loan financing to Children’s Services of Roxbury, Inc. (CSR), a nonprofit that has spent close to 50 years finding homes for children and families across Mass. to provide them with wraparound services.
Eastern Bank provided an $8.1 million loan, which MassDevelopment enhanced with a guarantee, to help CSR buy its 45,000sf headquarters building at 504 Dudley St. in Boston’s Roxbury neighborhood that the organization had leased for over 20 years.
Gaining ownership of the building allowed the organization to cut its occupancy expenses by $300,000 per year, improving its cash flow and resulting in increased capacity to expand valuable social services to the state’s most vulnerable families.
Founded in 1972, Children’s Services of Roxbury, Inc. is one of Massachusetts’ oldest and largest minority-run nonprofits, serving more than 6,000 children and parents of color annually. CSR’s mission is to support children and families across Massachusetts through services such as housing for homeless families, culturally attuned behavioral health services, foster care for abused and neglected children, affordable child care for homeless children, and youth development programs.
